Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Diamond Resorts International, Inc. | ' |
Entity Central Index Key | '0001566897 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 75,458,402 |
Entity Public Float | $463,320,903.87 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $29,876,000 | $21,061,000 |
Cash in escrow and restricted cash | 61,242,000 | 42,311,000 |
Mortgages and contracts receivable, net of allowance of $80,901 and $84,098, respectively | 377,513,000 | 312,932,000 |
Due from related parties, net | 36,458,000 | 22,995,000 |
Other Receivables | 32,977,000 | 46,049,000 |
Income tax receivable | 25,000 | 927,000 |
Prepaid expenses and other assets, net | 88,881,000 | 58,024,000 |
Unsold Vacation Interests, net | 301,709,000 | 315,867,000 |
Property and equipment, net | 61,218,000 | 55,120,000 |
Assets held for sale | 11,181,000 | 5,224,000 |
Intangible assets, net | 231,125,000 | 112,498,000 |
Total assets | 1,232,205,000 | 993,008,000 |
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ' | ' |
Accounts payable | 14,566,000 | 15,719,000 |
Due to related parties, net | 79,279,000 | 64,204,000 |
Accrued liabilities | 98,946,000 | 106,451,000 |
Income taxes payable | 1,091,000 | 701,000 |
Deferred Tax Assets, Deferred Income | 11,899,000 | 0 |
Deferred revenues | 89,738,000 | 93,833,000 |
Senior secured notes, net of unamortized original issue discount of $8,997 and $9,454, respectively | 367,642,000 | 416,491,000 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $913 and $1,054, respectively | 330,062,000 | 256,302,000 |
Notes Payable | 22,866,000 | 137,906,000 |
Total liabilities | 1,031,746,000 | 1,091,607,000 |
Member capital (deficit): | ' | ' |
Common Stock, Value, Issued | 755,000 | 541,000 |
Member capital (authorized and issued 1,387.8 common units, no par value) | 461,733,000 | 155,027,000 |
Additional Paid in Capital, Common Stock | 461,733,000 | 155,027,000 |
Accumulated deficit | -243,532,000 | -237,434,000 |
Accumulated other comprehensive loss | -18,497,000 | -16,733,000 |
Total member capital (deficit) | 200,459,000 | -98,599,000 |
Stockholders' Equity Attributable to Parent | 200,459,000 | -98,599,000 |
Liabilities and Equity | 1,232,205,000 | 993,008,000 |
Total liabilities and member capital (deficit) | 1,232,205,000 | 993,008,000 |
Debt Instrument, Face Amount | 15,000,000 | ' |
Derivative liabilities | 657,000 | 0 |
Revolving Credit Facility [Member] | ' | ' |
Member capital (deficit): | ' | ' |
Debt Instrument, Face Amount | $15,000,000 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] |
Member capital (deficit): | ' | ' | ' | ' |
Member capital, shares authorized | 1,387.80 | 1,387.80 | 112.2 | 0 |
Member capital, capital units issued | 1,387.80 | 1,387.80 | 103.8 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization of Financing Costs | ($1,500,000) | ($1,300,000) | $4,600,000 | $3,800,000 |
Revenues: | ' | ' | ' | ' |
Vacation Interest sales | 137,559,000 | 89,594,000 | 355,546,000 | 218,857,000 |
Provision for uncollectible Vacation Interest sales revenue | -13,851,000 | -6,276,000 | -29,731,000 | -16,093,000 |
Vacation Interest, net | 123,708,000 | 83,318,000 | 325,815,000 | 202,764,000 |
Management and member services | 33,610,000 | 29,999,000 | 96,304,000 | 85,574,000 |
Consolidated resort operations | 9,326,000 | 8,361,000 | 26,465,000 | 25,522,000 |
Interest | 14,297,000 | 12,886,000 | 41,159,000 | 39,054,000 |
Other | 10,661,000 | 8,148,000 | 29,184,000 | 20,192,000 |
Total revenues | 191,602,000 | 142,712,000 | 518,927,000 | 373,106,000 |
Costs and Expenses: | ' | ' | ' | ' |
Vacation Interest cost of sales | 18,605,000 | 16,778,000 | 45,451,000 | 17,175,000 |
Advertising, sales and marketing | 70,714,000 | 49,554,000 | 181,668,000 | 124,591,000 |
Vacation Interest carrying cost, net | 10,154,000 | 8,226,000 | 29,141,000 | 26,674,000 |
Management and member services | 9,408,000 | 8,862,000 | 27,952,000 | 25,597,000 |
Consolidated resort operations | 9,602,000 | 7,314,000 | 26,169,000 | 22,620,000 |
Loan portfolio | 2,296,000 | 2,446,000 | 7,555,000 | 7,180,000 |
Other operating | 3,912,000 | 2,454,000 | 6,518,000 | 5,419,000 |
General and administrative | 61,114,000 | 27,976,000 | 105,612,000 | 70,937,000 |
Depreciation and amortization | 7,583,000 | 5,205,000 | 19,912,000 | 13,379,000 |
Interest expense | 20,925,000 | 24,808,000 | 70,561,000 | 69,958,000 |
Impairments and other write-offs | -1,200,000 | 0 | -1,200,000 | 0 |
Other Asset Impairment Charges | 1,200,000 | 401,000 | 1,279,000 | 390,000 |
Gain on disposal of assets | -585,000 | -122,000 | -673,000 | -218,000 |
Gain on bargain purchase from business combination | -2,756,000 | 115,000 | -2,726,000 | -22,634,000 |
Total costs and expenses | 225,555,000 | 154,017,000 | 531,802,000 | 361,068,000 |
Income (loss) before (benefit) provision for income taxes | -33,953,000 | -11,305,000 | -12,875,000 | 12,038,000 |
(Benefit) provision for income taxes | -7,626,000 | 340,000 | -6,777,000 | -13,353,000 |
Net income (loss) | -26,327,000 | -11,645,000 | -6,098,000 | 25,391,000 |
Other comprehensive income: | ' | ' | ' | ' |
Currency translation adjustments, net of tax of $0 | 3,284,000 | 1,287,000 | 293,000 | 1,592,000 |
Defined Contribution Plan, Cost Recognized | -2,106,000 | 0 | -2,106,000 | 0 |
Other | 10,000 | 11,000 | 49,000 | 9,000 |
Total other comprehensive (loss) income, net of tax | 1,188,000 | 1,298,000 | -1,764,000 | 1,601,000 |
Comprehensive income (loss) | ($25,139,000) | ($10,347,000) | ($7,862,000) | $26,992,000 |
Earnings Per Share, Basic | ($370) | ($230) | ($100) | $500 |
Earnings Per Share, Diluted | ($370) | ($230) | ($100) | $500 |
Weighted Average Number of Shares Outstanding, Basic | 70,959 | 50,296 | 59,754 | 50,296 |
Weighted Average Number of Shares Outstanding, Diluted | 70,959 | 50,296 | 59,754 | 50,296 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Operations Parenthetical [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Tax on currency translation adjustment | $0 | ' | $0 | $0 | $0 | $0 | $0 |
Provision for Doubtful Accounts | $13,851 | $6,276 | ' | ' | ' | $29,731 | $16,093 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Member Capital (Deficit) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $75,458,402 | ' | $75,458,402 | $54,057,867 |
Stock Repurchased and Retired During Period, Shares | ' | ' | 0 | ' |
Payments for Repurchase of Warrants | -10,346 | ' | -10,346 | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | 64,284 | ' |
Stock Issued During Period, Value, New Issues | ' | 204,705 | -73,307 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 16,100,000 | ' |
Stock Issued | ' | ' | 73,307 | ' |
Permanent Capital, Beginning Balance | ' | -98,599 | -98,599 | ' |
Net income (loss) | -26,327 | ' | -6,098 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 3,284 | ' | 293 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | -2,106 | ' |
Other | ' | ' | 49 | ' |
Permanent Capital, Ending Balance | 200,459 | ' | 200,459 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 755 | ' | 755 | 541 |
Payments for Repurchase of Warrants | ' | ' | 0 | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 161 | ' |
Stock Issued | ' | ' | 52 | ' |
Net income (loss) | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | 0 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 461,733 | ' | 461,733 | 155,027 |
Stock Issued During Period, Value, New Issues | ' | 204,544 | ' | ' |
Stock Issued | ' | ' | 73,255 | ' |
Net income (loss) | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | 0 | ' |
Permanent Capital Accumulated Deficit | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -243,532 | ' | -243,532 | -237,434 |
Payments for Repurchase of Warrants | ' | ' | 0 | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 0 | ' |
Stock Issued | ' | ' | 0 | ' |
Net income (loss) | ' | ' | -6,098 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | 0 | ' |
Permanent Capital Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -18,497 | ' | -18,497 | -16,733 |
Payments for Repurchase of Warrants | ' | ' | 0 | ' |
Stock Issued During Period, Value, New Issues | ' | 0 | ' | ' |
Stock Issued | ' | ' | 0 | ' |
Net income (loss) | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | 293 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | -2,106 | ' |
Other | ' | ' | -49 | ' |
Stockholders' Equity, Total [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 200,459 | ' | 200,459 | -98,599 |
island One Acquisition [Member] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 5,236,251 | ' |
Outside Directors [Member] | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 39,254 | ' |
Outside Directors [Member] | Common Stock [Member] | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 1 | ' |
Outside Directors [Member] | Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 39,253 | ' |
Outside Directors [Member] | Permanent Capital Accumulated Deficit | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 0 | ' |
Outside Directors [Member] | Permanent Capital Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | $0 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Member Capital (Deficit) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Tax on currency translation adjustment | $0 | $0 | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
assets held for sale reclassified to management contracts | $0 | $192 |
Defined Benefit Plan, Net Periodic Benefit Cost | 774 | 0 |
Proceeds from Long-term Lines of Credit | ' | 0 |
Unsold Vacation Interests, net, reclassified to other intangibles | ' | 192 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Provision for uncollectible Vacation Interest sales revenue | 29,731 | 16,093 |
Amortization of capitalized financing costs and original issue discounts | 5,607 | 4,742 |
Amortization of capitalized loan origination costs and portfolio discounts | 4,308 | 1,576 |
Depreciation and amortization | 19,912 | 13,379 |
Impairments and other write-offs | -1,200 | 0 |
Other Asset Impairment Charges | 1,279 | 390 |
Gain on disposal of assets | -673 | -218 |
Gain on bargain purchase from business combination | -2,726 | -22,634 |
(Gain) loss on foreign currency exchange | 215 | -98 |
Gain on mortgage repurchase | -71 | -26 |
Gain on insurance settlement | -2,876 | 0 |
Changes in operating assets and liabilities excluding acquisitions: | ' | ' |
Mortgages and contracts receivable | -84,469 | -31,027 |
Due from related parties, net | -9,563 | 18,308 |
Other receivables, net | 18,806 | 13,380 |
Prepaid expenses and other assets, net | -28,313 | -18,672 |
Unsold Vacation Interests, net | 7,370 | -34,274 |
Accounts payable | -2,417 | 2,312 |
Due to related parties, net | 17,833 | 48,796 |
Accrued liabilities | -13,080 | 12,441 |
Income taxes payable (receivable) | 1,294 | -2,046 |
Deferred revenues | -7,115 | -8,862 |
Net cash provided by operating activities | -5,777 | 25,339 |
Payments to Acquire Productive Assets | ' | 51,635 |
Investing activities: | ' | ' |
Property and equipment capital expenditures | -12,792 | -11,273 |
Proceeds from sale of assets | -3,126 | -497 |
Net cash used in investing activities | -56,699 | -62,411 |
Financing activities: | ' | ' |
Changes in cash in escrow and restricted cash | -17,670 | -4,753 |
Proceeds from issuance of securitization notes and Funding Facilities | 265,873 | 82,864 |
Proceeds from issuance of notes payable | 3,882 | 65,262 |
Payments on securitization notes and Funding Facilities | -201,584 | -82,295 |
Payments on notes payable | -131,832 | -23,345 |
Payments of debt issuance costs | -6,163 | -2,594 |
Payments of costs related to issuance of common and preferred units | 0 | 35 |
Net cash provided by financing activities | 71,305 | 35,104 |
Net (decrease) increase in cash and cash equivalents | 8,829 | -1,968 |
Effect of changes in exchange rates on cash and cash equivalents | -14 | 318 |
Cash and cash equivalents, beginning of period | 21,061 | 19,897 |
Cash and cash equivalents, end of period | 29,876 | 18,247 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 74,427 | 72,099 |
Cash paid for taxes, net of tax refunds | 12 | 2,337 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 83,164 | 89,760 |
Goodwill, Acquired During Period | 27,665 | ' |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Insurance premiums financed through issuance of notes payable | 7,822 | 7,573 |
Unsold vacation interests reclassified to assets held for sale | 10,165 | 0 |
Deferred Income Tax Expense (Benefit) | 8,040 | 13,612 |
Liabilities Assumed | 155 | 1,748 |
Payments to Acquire Businesses, Net of Cash Acquired | -47,758 | ' |
Cash Acquired from Acquisition | ' | 725 |
Proceeds from issuance of Common Stock, net of related costs | 204,705 | 0 |
Restricted Stock or Unit Expense | $38,495 | $0 |
Background_Business_and_Basis_
Background, Business and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Business Description and Basis of Presentation [Text Block] | ' | |
Note 1 | — Background, Business and Basis of Presentation | |
Business and Background | ||
On July 24, 2013, the Company closed the IPO, pursuant to which the Company sold 16,100,000 shares of common stock, and CDP, in its capacity as a selling stockholder, sold 1,725,000 shares of common stock. The net proceeds to the Company were $210.2 million before deducting offering expenses payable by the Company. | ||
DRII was incorporated as a Delaware corporation on January 11, 2013 to effect the Reorganization Transactions and consummate the IPO. Immediately prior to the consummation of the IPO, DRP was the sole stockholder of DRII. After the completion of the IPO, DRII is a holding company, and its principal asset is the direct and indirect ownership of equity interests in its subsidiaries, including DRC, which is the operating subsidiary that has historically conducted the business described in this quarterly report on Form 10-Q and the Final Prospectus and is the issuer of the 12.0% senior secured notes due 2018 ("Senior Secured Notes"). | ||
DRP was the parent of DRC and the parent guarantor under the Senior Secured Notes immediately prior to the closing of the IPO. DRP was a Nevada limited liability company created on March 28, 2007. On April 26, 2007, a third-party investor contributed $62.4 million cash and CDP contributed $7.1 million of net assets based on historical book values in exchange for common and preferred units. The third-party investor was issued common and preferred units with a liquidation preference as well as a priority return of 17.0% per annum, compounded quarterly, payable upon certain events. The preferred units did not provide to the holder any participation or conversion rights. The common and preferred members’ liability was limited to their respective capital contributions. The capitalization of DRP occurred on April 27, 2007 simultaneously with the acquisition of and merger with Sunterra Corporation ("Sunterra" or the "Predecessor Company") and cancellation of Sunterra’s outstanding common stock for $16.00 per share ("the Sunterra Merger"). In July 2011, DRP completed an equity recapitalization transaction, pursuant to which it repurchased all of its preferred units and issued and redeemed common units in a series of private placement transactions. | ||
In connection with, and immediately prior to the completion of the IPO, each member of DRP contributed all of its equity interests in DRP to DRII in return for shares of common stock of DRII. Following this contribution, DRII redeemed the shares of common stock held by DRP and DRP was merged with and into DRII, with DRII being the surviving entity. See “Organizational Structure—Reorganization Transactions” in the Final Prospectus for additional information concerning the Reorganization Transactions. | ||
The Company operates in the hospitality and vacation ownership industry, with an ownership base of more than 520,000 owner-families, or members, and a worldwide network of 306 destinations located in 33 countries throughout the continental United States ("U.S."), Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia and Africa. The Company’s resort network includes 92 resort properties that are managed by the Company. In addition, the Company's network includes 210 affiliated resorts and hotels and four cruise itineraries, which do not carry the Company's brand and are not managed by the Company, but are a part of the Company's network and are available for its members to use as vacation destinations. Diamond Resorts International® and THE Club® are trademarks of the Company. | ||
The Company’s operations consist of two interrelated businesses: (i) hospitality and management services; and (ii) marketing and sales of Vacation Ownership Interests ("VOIs" or "Vacation Interests") and consumer financing for purchasers of the Company’s VOIs. | ||
Hospitality and Management Services. The Company manages 92 resort properties, which are located in the continental U.S., Hawaii, Mexico, the Caribbean and Europe, as well as the seven multi-resort trusts (the "Collections"). As the manager of the Company’s managed resorts and the Collections, it provides rental services, billing services, account collections, accounting and treasury functions, communications and information technology services, an online reservations system and a customer service contact center. In addition, for managed resorts, the Company operates the front desks, furnishes housekeeping, maintenance and human resources services and operates amenities such as golf courses, food and beverage venues and retail shops. | ||
As an integral part of the Company's hospitality and management services, it has entered into inventory recovery agreements with a majority of the homeowners associations ("HOAs") for its managed resorts in North America, together with similar arrangements with all of the Collections and a majority of the European managed resorts, whereby it recovers VOIs from members who fail to pay their annual maintenance fee or assessments due to, among other things, death or divorce or other life-cycle events or lifestyle changes. Because the cost of operating the managed resorts is spread across the Company's member base, by recovering VOIs from members who have failed to pay their annual maintenance fee or assessments, the Company reduces bad debt expense at the HOA and Collection level (which is a component of the management fees billed to members by each resort's HOA or Collection association), supporting the financial well-being of those HOAs and Collections. | ||
HOAs. Each of the Diamond Resorts-managed resorts, other than certain resorts in the European Collection, is typically operated through an HOA, which is administered by a board of directors. Directors are elected by the owners of intervals at the resort (which may include one or more of the Collections) and may also include representatives appointed by the Company as the developer of the resort. As a result, the Company is entitled to voting rights with respect to directors of a given HOA by virtue of (i) its ownership of intervals at the related resort, (ii) its control of the Collections that hold intervals at the resort and/or (iii) its status as the developer of the resort. The board of directors of each HOA hires a management company to provide the services described above, which in the case of all Diamond Resorts-managed resorts, is the Company. The Company serves as an HOA for two resorts in St. Maarten and earns maintenance fees and incurs operating expenses at these two resorts. | ||
The management fees earned by the Company with respect to a resort are based on a cost-plus structure and are calculated based on the direct and indirect costs (including an allocation of a substantial portion of the Company's overhead related to the provision of management services) incurred by the HOA of the applicable resort. Under the current resort management agreements, the Company receives management fees generally ranging from 10.0% to 15.0% of the other costs of operating the applicable resort. Unlike typical commercial lodging management contracts, the management fees earned by the Company are not impacted by changes in a resort's average daily rate or occupancy level. Instead, the board of directors of the HOA for each resort engages in an annual budgeting process in which the board of directors of the HOA estimates the costs the HOA will incur for the coming year. In evaluating the anticipated costs of the HOA, the board of directors of the HOA considers the operational needs of the resort, the services and amenities that will be provided at or to the applicable resort and other costs of the HOA, some of which are impacted significantly by the location, size and type of the resort. Included in the anticipated operating costs of each HOA are its management fees. The board of directors of each HOA discusses the various considerations and approves the annual budget, which determines the annual maintenance fees charged to each owner. One of the management services the Company provides to the HOA is the billing and collection of annual maintenance fees on the HOA's behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company manages on behalf of the HOA. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides management services. | ||
The Company's HOA management contracts typically have initial terms of three to five years, with automatic one-year renewals. These contracts can generally only be terminated by the HOA upon a vote of the owners (which may include one or more of the Collections) prior to each renewal period, other than in some limited circumstances involving cause. In the case of the resorts the Company manages that are part of the European Collection, generally the management agreements have either indefinite terms or long remaining terms (i.e., over 40 years) and can only be terminated for an uncured breach by the manager or a winding up of the European Collection (see definition below). No HOA has terminated or elected not to renew any of the Company's management contracts during the past five years. The Company generally has the right to terminate its HOA management contracts at any time upon notice to the HOA but has terminated only one immaterial HOA management contract during the past five years. | ||
Collections. The Collections currently consist of the following: | ||
• | the Diamond Resorts U.S. Collection (the “U.S. Collection”), which includes interests in resorts located in Arizona, California, Florida, Missouri, New Mexico, Nevada, South Carolina, Tennessee, Virginia and St. Maarten; | |
• | the Diamond Resorts Hawaii Collection (the “Hawaii Collection”), which includes interests in resorts located in Arizona, Hawaii and Nevada; | |
• | the Diamond Resorts California Collection (the “California Collection”), which includes interests in resorts located in Arizona, California and Nevada; | |
• | the Diamond Resorts European Collection (the “European Collection”), which includes interests in resorts located in Austria, England, France, Italy, Norway, Portugal, Scotland, Spain Balearics, Spain Costa and Spain Canaries; | |
• | the Premiere Vacation Collection (“PVC”), which includes interests in resorts added to the Company's network in connection with the ILX Acquisition (See "Basis of Presentation" for the definition of the ILX Acquisition) located in Arizona, Colorado, Indiana, Nevada and Mexico; | |
• | the Monarch Grand Vacation Collection (“MGVC”), which includes interests in resorts added to the Company's network in connection with the PMR Acquisition (See "Basis of Presentation" for the definition of the PMR Acquisition) located in California, Nevada, Utah and Mexico; and | |
• | the Mediterranean Collection, which includes interests in resorts added to the Company's network in connection with the Aegean Blue Acquisition (See “Basis of Presentation” for the definition of the Aegean Blue Acquisition) located in the Greek Islands of Crete and Rhodes. | |
Each of the Collections is operated through a Collection association, which is administered by a board of directors. With the exception of PVC, which allows the developer to appoint the board of directors until 90.0% of all membership interests are sold, directors are elected by the points holders within the applicable Collection. The Company owns a significant number of points in each of the Collections, which it holds as inventory. The board of directors of each Collection hires a company to provide management services to the Collection, which in each case is the Company. | ||
As with the Company's HOA management contracts, management fees charged to the Collections in the U.S. are based on a cost-plus structure and are calculated based on the direct and indirect costs (including an allocation of a substantial portion of the Company's overhead related to the provision of management services) incurred by the Collection. Under the Company's current Collection management agreements, it receives management fees of 15.0% of the other costs of the applicable Collection (except with respect to the management agreement with MGVC, under which the Company receives a management fee of 10.0% of the costs of MGVC). The management fees are included in the budgets prepared by each Collection association, which determines the annual maintenance fee charged to each owner. One of the management services the Company provides to the Collections is the billing and collection of annual maintenance fees on the Collections' behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company maintains on behalf of each Collection. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides the management services. | ||
Apart from the management contract for the European Collection, the Company's management contracts with the Collections generally have initial terms of three to five years, with automatic three to five year renewals, and can generally only be terminated by the Collection upon a vote of the Collection’s members prior to each renewal period, other than in some limited circumstances involving cause. No Collection has terminated or elected not to renew any of the Company's management contracts during the past five years. Apart from the management contract for the European Collection, the Company generally has the right to terminate its management contracts with the Collections at any time upon notice to the Collection. The management contract for the European Collection has an indefinite term, can only be terminated by the European Collection for an uncured breach by the manager or a winding up of the European Collection, and may not be terminated by the manager. | ||
Clubs. Another key component of the Company's hospitality and management services business is its club operations, which include its largest such organization, THE Club, and several affiliated club organizations (together referred to hereafter as "the Clubs."). Through the Clubs, the Company operates a proprietary reservation system and an exchange company that generally enables its members to use their points to stay at the Company's managed and affiliated resorts. The Clubs also offer members a wide range of other benefits, such as the opportunity to purchase various products and services (such as consumer electronics, home appliances and insurance products) from third parties at discounted prices, for which the Company earns commissions. Dues payments for the Clubs are billed and collected together with the maintenance fees billed to the Company's members who are also members of the Clubs. | ||
As part of the Island One Acquisition (see “Basis of Presentation” for the definition of the Island One Acquisition), an additional member exchange club, Club Navigo, was acquired. Club Navigo, subsequently renamed Florida Club Connection, operates an internal exchange reservation system that allows previous purchasers of Island One intervals to exchange their deeded weeks, represented as Diamond equivalent points, to stay at other Island One resorts, and a selected number of Diamond managed resorts. The Company also acquired a traditional exchange company that allows intervals owners to exchange deeded weeks with other Island One owners for prescribed transaction fees. | ||
Sales and Financing of VOIs. The Company markets and sells VOIs that provide access to its network of 92 resorts managed by the Company and 210 affiliated resorts and hotels and four cruise itineraries. Since late 2007, the Company has marketed and sold VOIs primarily in the form of points. | ||
The VOI inventory that the Company reacquires pursuant to its inventory recovery agreements provides a low-cost, recurring supply of VOIs that it can sell to its current and prospective members. The VOI inventory is also supplemented by VOIs recovered from members who default on their consumer loans, as well as inventory acquired through strategic transactions. | ||
The Company generates its VOI sales primarily through sales presentations referred to as tours. These tours occur at sales centers and generally include a tour of the resort properties, as well as an in-depth explanation of the points-based VOI system and the value proposition it offers to the Company's members. The tours are designed to provide guests with an in-depth overview of the company and its resort network, as well as a customized presentation to explain how the Company's products and services can meet their vacationing needs. | ||
In January 2013, the Company's European subsidiary introduced a new product (the “European Term Product”) available to purchasers in Europe. Purchasers of the European Term Product receive an allocation of points which represents an assignment of a specific week or weeks in a specific unit (without specific occupancy rights), at certain of the Company's European resort properties, as well as use rights to any of the resort properties within its European Collection for a period of 15 years. At the end of the 15-year period, the trustee of the European Collection will attempt to sell the unit and the net proceeds will be distributed to the then current owners of the unit, which may, or may not, include the Company. The current trustee of the European Collection also provides trust services relating to the European Term Product. The owners of the European Term Product pay annual maintenance fees at substantially the same rate as owners of points in the Company's European Collection. The majority of VOI sales in Europe for the first nine months of 2013 have been of the European Term Product, and a large majority of the sales of the European Term Product have been to existing owners of points in the European Collection. | ||
The Company provides loans to eligible customers who purchase VOIs through its U.S. and Mexican sales centers and choose to finance their purchase. These loans are collateralized by the underlying VOI, generally bear interest at a fixed rate, have a typical term of 10 years and are generally made available to consumers who make a down payment within established credit guidelines. The Company's minimum required down payment is 10.0%. | ||
The Company underwrites each loan application to assess the prospective buyer's ability to pay through the credit evaluation score methodology developed by the Fair Isaac Corporation ("FICO") based on credit files compiled and maintained by Experian (for U.S. residents) and Equifax (for Canadian residents). In underwriting each loan, the Company reviews a completed credit application and the credit bureau report and/or the applicant's performance history with the Company, including any delinquency on existing loans, and considers in specified circumstances, among other factors, whether the applicant has been involved in bankruptcy proceedings within the previous 12 months and whether there have been any judgments or liens, including civil judgments and tax liens, against the applicant. | ||
The Company's consumer finance servicing division includes underwriting, collection and servicing of its consumer loan portfolio. Loan collections and delinquencies are managed by utilizing current technology to minimize account delinquencies and maximize cash flow. The Company generally sells or securitizes a substantial portion of the consumer loans it generates from its customers through conduit and securitization financings. The Company also acts as servicer for consumer loan portfolios, including those sold or securitized through conduit or securitization financings, for which it receives a fee. | ||
Through arrangements with three financial institutions in the United Kingdom, the Company brokers financing for qualified customers who purchase points through its European sales centers. | ||
Basis of Presentation | ||
Except where the context otherwise requires or where otherwise indicated, the condensed consolidated financial statements and other historical financial data included in this quarterly report on Form 10-Q are (i) those of DRP and its subsidiaries through July 24, 2013, after giving retroactive effect to the Reorganization Transactions, and (ii) those of DRII and its subsidiaries after July 24, 2013. The shares of common stock of DRII outstanding as of December 31, 2012 and weighted average common shares outstanding for each of the three- and nine-month periods ended September 30, 2013 and 2012 are based upon the number of Class A and Class B common units of DRP outstanding as of such date or period, as applicable, retroactively adjusted for the exchange thereof for shares of common stock of DRII pursuant to the Reorganization Transactions. | ||
The following is a list of entities included in the accompanying condensed consolidated financial statements for all or any portion of the periods covered thereby: | ||
AKGI St. Maarten, NV and subsidiaries | ||
Citrus Insurance Company, Inc. | ||
Crescent One, Inc. | ||
Diamond Resorts (Group Holdings) Plc and subsidiaries | ||
Diamond Resorts Centralized Services Company | ||
Diamond Resorts Corporation | ||
Diamond Resorts Developer and Sales Holding Company and subsidiaries | ||
Diamond Resorts Finance Holding Company and subsidiaries | ||
Diamond Resorts Holdings, LLC | ||
Diamond Resorts Issuer 2008, LLC | ||
Diamond Resorts Management and Exchange Holding Company and subsidiaries | ||
Diamond Resorts Owner Trust 2009-1 | ||
Diamond Resorts Owner Trust 2011-1 | ||
Diamond Resorts Owner Trust 2013-1 | ||
Diamond Resorts Polo Development, LLC | ||
Diamond Resorts Services, LLC | ||
Diamond Resorts Tempus Owner Trust 2013 | ||
DPM Acquisition, LLC and subsidiaries ("DPMA") | ||
DRI Quorum 2010, LLC ("DRI Quorum") and subsidiaries | ||
George Acquisition Subsidiary, Inc. | ||
Island One, Inc. and subsidiaries | ||
ILX Acquisition, Inc. ("ILXA") and subsidiaries | ||
Tempus Acquisition, LLC and subsidiaries | ||
Some of the above entities, which include corporations, limited liability companies and partnerships, have several subsidiaries. | ||
On August 31, 2010, the Company acquired from ILX Resorts Incorporated and its affiliates (collectively, "ILX") certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets (the “ILX Acquisition”) through its wholly-owned subsidiary ILXA for an aggregate cash purchase price of $30.7 million. In addition, ILXA assumed $4.0 million in liabilities as part of the purchase price. The ILX Acquisition added ten additional resorts to the Company's resort network. The ILX Acquisition was financed through the ILXA Inventory Loan and the ILXA Receivables Loan. See "Note 15—Borrowings" for definitions and further detail on these borrowings. | ||
On July 1, 2011, the Company acquired from Tempus Resorts International, Ltd. and its subsidiaries certain management agreements, unsold VOIs and the rights to recover and resell such interests, the seller's consumer loan portfolio and certain real property and other assets (the "Tempus Resorts Acquisition") through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC, for an aggregate cash purchase price of $104.9 million. The Tempus Resorts Acquisition added two resorts to the Company's owner resort network. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into the Tempus Acquisition Loan, Tempus Receivables Loan and the Tempus Inventory Loan. See "Note 15— Borrowings" for definitions and further detail on these borrowings. | ||
On May 21, 2012, the Company completed the acquisition of certain assets of Pacific Monarch Resorts, Inc. and certain of its affiliates (the "PMR Acquisition") through DPMA, a wholly-owned special-purpose subsidiary of the Company, whereby DPMA acquired four management contracts, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. The PMR Acquisition added nine locations to the Company's resort network. In order to fund the PMR Acquisition, DPMA entered into the PMR Acquisition Loan, which was collateralized by substantially all of the assets of DPMA. See "Note 15—Borrowings" for definition and further detail on this borrowing. | ||
On October 5, 2012, the Company completed the acquisition of all of the issued and outstanding shares of Aegean Blue Holdings, Plc (the "Aegean Blue Acquisition") through Diamond Resorts AB Acquisition Ltd, a wholly-owned special-purpose subsidiary of Diamond Resorts (Group Holdings) Plc. Pursuant to the Aegean Blue Acquisition, AB Acquisition Company, Ltd acquired certain management contracts, unsold VOIs and the rights to recover and resell such interests and certain other assets for approximately $6.5 million in cash, amounts that may become payable pursuant to an earn-out clause (which the Company recorded as a contingent liability) and the Company's assumption of specified liabilities related to the acquired assets. The Aegean Blue Acquisition added five resorts located on the Greek Islands of Rhodes and Crete to the Company's resort network. Tempus Acquisition LLC borrowed $6.6 million under the term loan portion of Tempus Acquisition Loan to fund the Aegean Blue Acquisition. See "Note 15—Borrowings" for further detail on this borrowing. | ||
On July 24, 2013, the Company completed the acquisition of Island One, Inc. and Crescent One, LLC (together, the “Island One Companies”) and issued an aggregate of 5,236,251 shares of common stock to the owner of the Island One Companies (the "Island One Equityholder") and two individuals designated by the Island One Equityholder. These shares represented an aggregate purchase price of $73.3 million based on the IPO price of $14.00 per share. The Island One Equityholder and such individuals also received a distribution of cash from the Island One Companies of $1.75 million. In this transaction, the Company acquired management contracts, unsold VOIs, a portfolio of consumer loans and other assets owned by the Island One Companies, adding nine additional managed resorts in Florida to the Company's resort network and more owner-families to its ownership base (the “Island One Acquisition”). Prior to the closing of the Island One Acquisition, the Company had provided sales and marketing services and HOA management oversight services to Island One, Inc. | ||
On July 24, 2013 following the consummation of the IPO, a subsidiary of the Company completed the acquisition of various assets of each of Monarch Owner Services, LLC, Resort Services Group, LLC and Monarch Grand Vacations Management, LLC (the “PMR Service Companies Acquisition”) for $47.8 million in cash. | ||
The accompanying condensed consolidated financial statements of Diamond Resorts International, Inc. and its subsidiaries have been prepared in accordance with accounting policies described in the Final Prospectus. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. The accompanying condensed consolidated financial statements should be reviewed in conjunction with the Company's annual consolidated financial statements included in the Final Prospectus. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | ||
Background, Business and Basis of Presentation | ' | |
Background, Business and Basis of Presentation | ||
Business and Background | ||
On July 24, 2013, the Company closed the IPO, pursuant to which the Company sold 16,100,000 shares of common stock, and CDP, in its capacity as a selling stockholder, sold 1,725,000 shares of common stock. The net proceeds to the Company were $210.2 million before deducting offering expenses payable by the Company. | ||
DRII was incorporated as a Delaware corporation on January 11, 2013 to effect the Reorganization Transactions and consummate the IPO. Immediately prior to the consummation of the IPO, DRP was the sole stockholder of DRII. After the completion of the IPO, DRII is a holding company, and its principal asset is the direct and indirect ownership of equity interests in its subsidiaries, including DRC, which is the operating subsidiary that has historically conducted the business described in this quarterly report on Form 10-Q and the Final Prospectus and is the issuer of the 12.0% senior secured notes due 2018 ("Senior Secured Notes"). | ||
DRP was the parent of DRC and the parent guarantor under the Senior Secured Notes immediately prior to the closing of the IPO. DRP was a Nevada limited liability company created on March 28, 2007. On April 26, 2007, a third-party investor contributed $62.4 million cash and CDP contributed $7.1 million of net assets based on historical book values in exchange for common and preferred units. The third-party investor was issued common and preferred units with a liquidation preference as well as a priority return of 17.0% per annum, compounded quarterly, payable upon certain events. The preferred units did not provide to the holder any participation or conversion rights. The common and preferred members’ liability was limited to their respective capital contributions. The capitalization of DRP occurred on April 27, 2007 simultaneously with the acquisition of and merger with Sunterra Corporation ("Sunterra" or the "Predecessor Company") and cancellation of Sunterra’s outstanding common stock for $16.00 per share ("the Sunterra Merger"). In July 2011, DRP completed an equity recapitalization transaction, pursuant to which it repurchased all of its preferred units and issued and redeemed common units in a series of private placement transactions. | ||
In connection with, and immediately prior to the completion of the IPO, each member of DRP contributed all of its equity interests in DRP to DRII in return for shares of common stock of DRII. Following this contribution, DRII redeemed the shares of common stock held by DRP and DRP was merged with and into DRII, with DRII being the surviving entity. See “Organizational Structure—Reorganization Transactions” in the Final Prospectus for additional information concerning the Reorganization Transactions. | ||
The Company operates in the hospitality and vacation ownership industry, with an ownership base of more than 520,000 owner-families, or members, and a worldwide network of 306 destinations located in 33 countries throughout the continental United States ("U.S."), Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia and Africa. The Company’s resort network includes 92 resort properties that are managed by the Company. In addition, the Company's network includes 210 affiliated resorts and hotels and four cruise itineraries, which do not carry the Company's brand and are not managed by the Company, but are a part of the Company's network and are available for its members to use as vacation destinations. Diamond Resorts International® and THE Club® are trademarks of the Company. | ||
The Company’s operations consist of two interrelated businesses: (i) hospitality and management services; and (ii) marketing and sales of Vacation Ownership Interests ("VOIs" or "Vacation Interests") and consumer financing for purchasers of the Company’s VOIs. | ||
Hospitality and Management Services. The Company manages 92 resort properties, which are located in the continental U.S., Hawaii, Mexico, the Caribbean and Europe, as well as the seven multi-resort trusts (the "Collections"). As the manager of the Company’s managed resorts and the Collections, it provides rental services, billing services, account collections, accounting and treasury functions, communications and information technology services, an online reservations system and a customer service contact center. In addition, for managed resorts, the Company operates the front desks, furnishes housekeeping, maintenance and human resources services and operates amenities such as golf courses, food and beverage venues and retail shops. | ||
As an integral part of the Company's hospitality and management services, it has entered into inventory recovery agreements with a majority of the homeowners associations ("HOAs") for its managed resorts in North America, together with similar arrangements with all of the Collections and a majority of the European managed resorts, whereby it recovers VOIs from members who fail to pay their annual maintenance fee or assessments due to, among other things, death or divorce or other life-cycle events or lifestyle changes. Because the cost of operating the managed resorts is spread across the Company's member base, by recovering VOIs from members who have failed to pay their annual maintenance fee or assessments, the Company reduces bad debt expense at the HOA and Collection level (which is a component of the management fees billed to members by each resort's HOA or Collection association), supporting the financial well-being of those HOAs and Collections. | ||
HOAs. Each of the Diamond Resorts-managed resorts, other than certain resorts in the European Collection, is typically operated through an HOA, which is administered by a board of directors. Directors are elected by the owners of intervals at the resort (which may include one or more of the Collections) and may also include representatives appointed by the Company as the developer of the resort. As a result, the Company is entitled to voting rights with respect to directors of a given HOA by virtue of (i) its ownership of intervals at the related resort, (ii) its control of the Collections that hold intervals at the resort and/or (iii) its status as the developer of the resort. The board of directors of each HOA hires a management company to provide the services described above, which in the case of all Diamond Resorts-managed resorts, is the Company. The Company serves as an HOA for two resorts in St. Maarten and earns maintenance fees and incurs operating expenses at these two resorts. | ||
The management fees earned by the Company with respect to a resort are based on a cost-plus structure and are calculated based on the direct and indirect costs (including an allocation of a substantial portion of the Company's overhead related to the provision of management services) incurred by the HOA of the applicable resort. Under the current resort management agreements, the Company receives management fees generally ranging from 10.0% to 15.0% of the other costs of operating the applicable resort. Unlike typical commercial lodging management contracts, the management fees earned by the Company are not impacted by changes in a resort's average daily rate or occupancy level. Instead, the board of directors of the HOA for each resort engages in an annual budgeting process in which the board of directors of the HOA estimates the costs the HOA will incur for the coming year. In evaluating the anticipated costs of the HOA, the board of directors of the HOA considers the operational needs of the resort, the services and amenities that will be provided at or to the applicable resort and other costs of the HOA, some of which are impacted significantly by the location, size and type of the resort. Included in the anticipated operating costs of each HOA are its management fees. The board of directors of each HOA discusses the various considerations and approves the annual budget, which determines the annual maintenance fees charged to each owner. One of the management services the Company provides to the HOA is the billing and collection of annual maintenance fees on the HOA's behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company manages on behalf of the HOA. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides management services. | ||
The Company's HOA management contracts typically have initial terms of three to five years, with automatic one-year renewals. These contracts can generally only be terminated by the HOA upon a vote of the owners (which may include one or more of the Collections) prior to each renewal period, other than in some limited circumstances involving cause. In the case of the resorts the Company manages that are part of the European Collection, generally the management agreements have either indefinite terms or long remaining terms (i.e., over 40 years) and can only be terminated for an uncured breach by the manager or a winding up of the European Collection (see definition below). No HOA has terminated or elected not to renew any of the Company's management contracts during the past five years. The Company generally has the right to terminate its HOA management contracts at any time upon notice to the HOA but has terminated only one immaterial HOA management contract during the past five years. | ||
Collections. The Collections currently consist of the following: | ||
• | the Diamond Resorts U.S. Collection (the “U.S. Collection”), which includes interests in resorts located in Arizona, California, Florida, Missouri, New Mexico, Nevada, South Carolina, Tennessee, Virginia and St. Maarten; | |
• | the Diamond Resorts Hawaii Collection (the “Hawaii Collection”), which includes interests in resorts located in Arizona, Hawaii and Nevada; | |
• | the Diamond Resorts California Collection (the “California Collection”), which includes interests in resorts located in Arizona, California and Nevada; | |
• | the Diamond Resorts European Collection (the “European Collection”), which includes interests in resorts located in Austria, England, France, Italy, Norway, Portugal, Scotland, Spain Balearics, Spain Costa and Spain Canaries; | |
• | the Premiere Vacation Collection (“PVC”), which includes interests in resorts added to the Company's network in connection with the ILX Acquisition (See "Basis of Presentation" for the definition of the ILX Acquisition) located in Arizona, Colorado, Indiana, Nevada and Mexico; | |
• | the Monarch Grand Vacation Collection (“MGVC”), which includes interests in resorts added to the Company's network in connection with the PMR Acquisition (See "Basis of Presentation" for the definition of the PMR Acquisition) located in California, Nevada, Utah and Mexico; and | |
• | the Mediterranean Collection, which includes interests in resorts added to the Company's network in connection with the Aegean Blue Acquisition (See “Basis of Presentation” for the definition of the Aegean Blue Acquisition) located in the Greek Islands of Crete and Rhodes. | |
Each of the Collections is operated through a Collection association, which is administered by a board of directors. With the exception of PVC, which allows the developer to appoint the board of directors until 90.0% of all membership interests are sold, directors are elected by the points holders within the applicable Collection. The Company owns a significant number of points in each of the Collections, which it holds as inventory. The board of directors of each Collection hires a company to provide management services to the Collection, which in each case is the Company. | ||
As with the Company's HOA management contracts, management fees charged to the Collections in the U.S. are based on a cost-plus structure and are calculated based on the direct and indirect costs (including an allocation of a substantial portion of the Company's overhead related to the provision of management services) incurred by the Collection. Under the Company's current Collection management agreements, it receives management fees of 15.0% of the other costs of the applicable Collection (except with respect to the management agreement with MGVC, under which the Company receives a management fee of 10.0% of the costs of MGVC). The management fees are included in the budgets prepared by each Collection association, which determines the annual maintenance fee charged to each owner. One of the management services the Company provides to the Collections is the billing and collection of annual maintenance fees on the Collections' behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company maintains on behalf of each Collection. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides the management services. | ||
Apart from the management contract for the European Collection, the Company's management contracts with the Collections generally have initial terms of three to five years, with automatic three to five year renewals, and can generally only be terminated by the Collection upon a vote of the Collection’s members prior to each renewal period, other than in some limited circumstances involving cause. No Collection has terminated or elected not to renew any of the Company's management contracts during the past five years. Apart from the management contract for the European Collection, the Company generally has the right to terminate its management contracts with the Collections at any time upon notice to the Collection. The management contract for the European Collection has an indefinite term, can only be terminated by the European Collection for an uncured breach by the manager or a winding up of the European Collection, and may not be terminated by the manager. | ||
Clubs. Another key component of the Company's hospitality and management services business is its club operations, which include its largest such organization, THE Club, and several affiliated club organizations (together referred to hereafter as "the Clubs."). Through the Clubs, the Company operates a proprietary reservation system and an exchange company that generally enables its members to use their points to stay at the Company's managed and affiliated resorts. The Clubs also offer members a wide range of other benefits, such as the opportunity to purchase various products and services (such as consumer electronics, home appliances and insurance products) from third parties at discounted prices, for which the Company earns commissions. Dues payments for the Clubs are billed and collected together with the maintenance fees billed to the Company's members who are also members of the Clubs. | ||
As part of the Island One Acquisition (see “Basis of Presentation” for the definition of the Island One Acquisition), an additional member exchange club, Club Navigo, was acquired. Club Navigo, subsequently renamed Florida Club Connection, operates an internal exchange reservation system that allows previous purchasers of Island One intervals to exchange their deeded weeks, represented as Diamond equivalent points, to stay at other Island One resorts, and a selected number of Diamond managed resorts. The Company also acquired a traditional exchange company that allows intervals owners to exchange deeded weeks with other Island One owners for prescribed transaction fees. | ||
Sales and Financing of VOIs. The Company markets and sells VOIs that provide access to its network of 92 resorts managed by the Company and 210 affiliated resorts and hotels and four cruise itineraries. Since late 2007, the Company has marketed and sold VOIs primarily in the form of points. | ||
The VOI inventory that the Company reacquires pursuant to its inventory recovery agreements provides a low-cost, recurring supply of VOIs that it can sell to its current and prospective members. The VOI inventory is also supplemented by VOIs recovered from members who default on their consumer loans, as well as inventory acquired through strategic transactions. | ||
The Company generates its VOI sales primarily through sales presentations referred to as tours. These tours occur at sales centers and generally include a tour of the resort properties, as well as an in-depth explanation of the points-based VOI system and the value proposition it offers to the Company's members. The tours are designed to provide guests with an in-depth overview of the company and its resort network, as well as a customized presentation to explain how the Company's products and services can meet their vacationing needs. | ||
In January 2013, the Company's European subsidiary introduced a new product (the “European Term Product”) available to purchasers in Europe. Purchasers of the European Term Product receive an allocation of points which represents an assignment of a specific week or weeks in a specific unit (without specific occupancy rights), at certain of the Company's European resort properties, as well as use rights to any of the resort properties within its European Collection for a period of 15 years. At the end of the 15-year period, the trustee of the European Collection will attempt to sell the unit and the net proceeds will be distributed to the then current owners of the unit, which may, or may not, include the Company. The current trustee of the European Collection also provides trust services relating to the European Term Product. The owners of the European Term Product pay annual maintenance fees at substantially the same rate as owners of points in the Company's European Collection. The majority of VOI sales in Europe for the first nine months of 2013 have been of the European Term Product, and a large majority of the sales of the European Term Product have been to existing owners of points in the European Collection. | ||
The Company provides loans to eligible customers who purchase VOIs through its U.S. and Mexican sales centers and choose to finance their purchase. These loans are collateralized by the underlying VOI, generally bear interest at a fixed rate, have a typical term of 10 years and are generally made available to consumers who make a down payment within established credit guidelines. The Company's minimum required down payment is 10.0%. | ||
The Company underwrites each loan application to assess the prospective buyer's ability to pay through the credit evaluation score methodology developed by the Fair Isaac Corporation ("FICO") based on credit files compiled and maintained by Experian (for U.S. residents) and Equifax (for Canadian residents). In underwriting each loan, the Company reviews a completed credit application and the credit bureau report and/or the applicant's performance history with the Company, including any delinquency on existing loans, and considers in specified circumstances, among other factors, whether the applicant has been involved in bankruptcy proceedings within the previous 12 months and whether there have been any judgments or liens, including civil judgments and tax liens, against the applicant. | ||
The Company's consumer finance servicing division includes underwriting, collection and servicing of its consumer loan portfolio. Loan collections and delinquencies are managed by utilizing current technology to minimize account delinquencies and maximize cash flow. The Company generally sells or securitizes a substantial portion of the consumer loans it generates from its customers through conduit and securitization financings. The Company also acts as servicer for consumer loan portfolios, including those sold or securitized through conduit or securitization financings, for which it receives a fee. | ||
Through arrangements with three financial institutions in the United Kingdom, the Company brokers financing for qualified customers who purchase points through its European sales centers. | ||
Basis of Presentation | ||
Except where the context otherwise requires or where otherwise indicated, the condensed consolidated financial statements and other historical financial data included in this quarterly report on Form 10-Q are (i) those of DRP and its subsidiaries through July 24, 2013, after giving retroactive effect to the Reorganization Transactions, and (ii) those of DRII and its subsidiaries after July 24, 2013. The shares of common stock of DRII outstanding as of December 31, 2012 and weighted average common shares outstanding for each of the three- and nine-month periods ended September 30, 2013 and 2012 are based upon the number of Class A and Class B common units of DRP outstanding as of such date or period, as applicable, retroactively adjusted for the exchange thereof for shares of common stock of DRII pursuant to the Reorganization Transactions. | ||
The following is a list of entities included in the accompanying condensed consolidated financial statements for all or any portion of the periods covered thereby: | ||
AKGI St. Maarten, NV and subsidiaries | ||
Citrus Insurance Company, Inc. | ||
Crescent One, Inc. | ||
Diamond Resorts (Group Holdings) Plc and subsidiaries | ||
Diamond Resorts Centralized Services Company | ||
Diamond Resorts Corporation | ||
Diamond Resorts Developer and Sales Holding Company and subsidiaries | ||
Diamond Resorts Finance Holding Company and subsidiaries | ||
Diamond Resorts Holdings, LLC | ||
Diamond Resorts Issuer 2008, LLC | ||
Diamond Resorts Management and Exchange Holding Company and subsidiaries | ||
Diamond Resorts Owner Trust 2009-1 | ||
Diamond Resorts Owner Trust 2011-1 | ||
Diamond Resorts Owner Trust 2013-1 | ||
Diamond Resorts Polo Development, LLC | ||
Diamond Resorts Services, LLC | ||
Diamond Resorts Tempus Owner Trust 2013 | ||
DPM Acquisition, LLC and subsidiaries ("DPMA") | ||
DRI Quorum 2010, LLC ("DRI Quorum") and subsidiaries | ||
George Acquisition Subsidiary, Inc. | ||
Island One, Inc. and subsidiaries | ||
ILX Acquisition, Inc. ("ILXA") and subsidiaries | ||
Tempus Acquisition, LLC and subsidiaries | ||
Some of the above entities, which include corporations, limited liability companies and partnerships, have several subsidiaries. | ||
On August 31, 2010, the Company acquired from ILX Resorts Incorporated and its affiliates (collectively, "ILX") certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets (the “ILX Acquisition”) through its wholly-owned subsidiary ILXA for an aggregate cash purchase price of $30.7 million. In addition, ILXA assumed $4.0 million in liabilities as part of the purchase price. The ILX Acquisition added ten additional resorts to the Company's resort network. The ILX Acquisition was financed through the ILXA Inventory Loan and the ILXA Receivables Loan. See "Note 15—Borrowings" for definitions and further detail on these borrowings. | ||
On July 1, 2011, the Company acquired from Tempus Resorts International, Ltd. and its subsidiaries certain management agreements, unsold VOIs and the rights to recover and resell such interests, the seller's consumer loan portfolio and certain real property and other assets (the "Tempus Resorts Acquisition") through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC, for an aggregate cash purchase price of $104.9 million. The Tempus Resorts Acquisition added two resorts to the Company's owner resort network. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into the Tempus Acquisition Loan, Tempus Receivables Loan and the Tempus Inventory Loan. See "Note 15— Borrowings" for definitions and further detail on these borrowings. | ||
On May 21, 2012, the Company completed the acquisition of certain assets of Pacific Monarch Resorts, Inc. and certain of its affiliates (the "PMR Acquisition") through DPMA, a wholly-owned special-purpose subsidiary of the Company, whereby DPMA acquired four management contracts, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. The PMR Acquisition added nine locations to the Company's resort network. In order to fund the PMR Acquisition, DPMA entered into the PMR Acquisition Loan, which was collateralized by substantially all of the assets of DPMA. See "Note 15—Borrowings" for definition and further detail on this borrowing. | ||
On October 5, 2012, the Company completed the acquisition of all of the issued and outstanding shares of Aegean Blue Holdings, Plc (the "Aegean Blue Acquisition") through Diamond Resorts AB Acquisition Ltd, a wholly-owned special-purpose subsidiary of Diamond Resorts (Group Holdings) Plc. Pursuant to the Aegean Blue Acquisition, AB Acquisition Company, Ltd acquired certain management contracts, unsold VOIs and the rights to recover and resell such interests and certain other assets for approximately $6.5 million in cash, amounts that may become payable pursuant to an earn-out clause (which the Company recorded as a contingent liability) and the Company's assumption of specified liabilities related to the acquired assets. The Aegean Blue Acquisition added five resorts located on the Greek Islands of Rhodes and Crete to the Company's resort network. Tempus Acquisition LLC borrowed $6.6 million under the term loan portion of Tempus Acquisition Loan to fund the Aegean Blue Acquisition. See "Note 15—Borrowings" for further detail on this borrowing. | ||
On July 24, 2013, the Company completed the acquisition of Island One, Inc. and Crescent One, LLC (together, the “Island One Companies”) and issued an aggregate of 5,236,251 shares of common stock to the owner of the Island One Companies (the "Island One Equityholder") and two individuals designated by the Island One Equityholder. These shares represented an aggregate purchase price of $73.3 million based on the IPO price of $14.00 per share. The Island One Equityholder and such individuals also received a distribution of cash from the Island One Companies of $1.75 million. In this transaction, the Company acquired management contracts, unsold VOIs, a portfolio of consumer loans and other assets owned by the Island One Companies, adding nine additional managed resorts in Florida to the Company's resort network and more owner-families to its ownership base (the “Island One Acquisition”). Prior to the closing of the Island One Acquisition, the Company had provided sales and marketing services and HOA management oversight services to Island One, Inc. | ||
On July 24, 2013 following the consummation of the IPO, a subsidiary of the Company completed the acquisition of various assets of each of Monarch Owner Services, LLC, Resort Services Group, LLC and Monarch Grand Vacations Management, LLC (the “PMR Service Companies Acquisition”) for $47.8 million in cash. | ||
The accompanying condensed consolidated financial statements of Diamond Resorts International, Inc. and its subsidiaries have been prepared in accordance with accounting policies described in the Final Prospectus. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. The accompanying condensed consolidated financial statements should be reviewed in conjunction with the Company's annual consolidated financial statements included in the Final Prospectus. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Significant accounting policies are those policies that, in management's view, are most important in the portrayal of the Company's financial condition and results of operations. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that it reports in the financial statements. Some of these significant accounting policies require the Company to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. | |||||||||||||||||
Principles of Consolidation—The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. | |||||||||||||||||
Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts and income taxes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's consolidated financial statements. | |||||||||||||||||
Significant estimates were also used by the Company to record a provision for contracts receivable losses. This provision was calculated as projected gross losses for originated contracts receivable, taking into account estimated VOI recoveries. The Company applied its historical default percentages based on credit scores of the individual customers to its mortgage and contracts receivable population and evaluated other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | |||||||||||||||||
Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the ILX Acquisition, the Tempus Resorts Acquisition, the PMR Acquisition, the Aegean Blue Acquisition, the Island One Acquisition and the PMR Service Companies Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, mortgages and contracts receivable, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to loan defaults, recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interest sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interest sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points sold used to allocate certain unsold Vacation Interests to Vacation Interest cost of sales under the relative sales value method; and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. | |||||||||||||||||
The Company records Vacation Interest cost of sales using the relative sales value method in accordance with the provisions of Accounting Standards Codification ("ASC") 978, "Real Estate - Time-Sharing Activities ("ASC 978"), which requires the Company to make significant estimates which are subject to significant uncertainty. See "Note 2—Summary of Significant Accounting Policies" to the consolidated financial statements as of December 31, 2012 and 2011 and for the years ended December 31, 2012, 2011 and 2010 (the "Annual Financial Statements") included in the Final Prospectus for a description of revenue recognition criteria. | |||||||||||||||||
Vacation Interest sales, net of provision, consists of the following for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Vacation Interest Sales | $ | 137,559 | $ | 89,594 | $ | 355,546 | $ | 218,857 | |||||||||
Provision for uncollectible Vacation Interest sales revenue | (13,851 | ) | (6,276 | ) | (29,731 | ) | (16,093 | ) | |||||||||
Vacation Interest sales, net of provision | $ | 123,708 | $ | 83,318 | $ | 325,815 | $ | 202,764 | |||||||||
In addition, significant estimates were used by the Company to estimate compensation expense related to employee and non-employee stock options issued by the Company under the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (the "2013 Plan"). The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted. Some of the assumptions that require significant estimates are: (i) expected volatility, which was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options granted (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company; (ii) average expected option life, which represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the contractual term for non-employee grants and the simplified method prescribed under SEC Staff Accounting Bulletins Topic 14 Share-Based Payment ("SAB" 14) for employee grants, and (iii) annual forfeiture rate, which represents a portion of the grants expected to expire prior to vesting due to employee terminations. See "Note 20—Stock-Based Compensation" for further detail on the Company's stock options issued under the 2013 Plan. | |||||||||||||||||
See Note 2—Summary of Significant Accounting Policies to the Annual Financial Statements included in the Final Prospectus for further detail on the Company's significant accounting policies. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
There have been no new accounting pronouncements issued that affect the Company since the quarter ended June 30, 2013. |
Concentrations_of_Risk
Concentrations of Risk | 9 Months Ended |
Sep. 30, 2013 | |
Concentrations of Risk [Abstract] | ' |
Concentrations of Risk | ' |
Concentrations of Risk | |
Credit Risk—The Company is exposed to on-balance sheet credit risk related to its mortgages and contracts receivable. The Company offers financing to the buyers of VOIs at the Company’s resorts. The Company bears the risk of defaults on promissory notes delivered to it by buyers of VOIs. If a buyer of VOIs defaults, the Company generally attempts to resell such VOIs by exercise of a power of sale. The associated marketing, selling, and administrative costs from the original sale are not recovered, and such costs must be incurred again to resell the VOIs. Although in many cases the Company may have recourse against a buyer of VOIs for the unpaid price, certain states have laws that limit the Company’s ability to recover personal judgments against customers who have defaulted on their loans. Accordingly, the Company has generally not pursued this remedy. | |
The Company maintains cash, cash equivalents, cash in escrow, and restricted cash with various financial institutions. These financial institutions are located throughout Europe, North America and the Caribbean. A significant portion of the unrestricted cash is maintained with a select few banks and is, accordingly, subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the deposits are performed to evaluate and mitigate, if necessary, any credit risk. | |
Availability of Funding Sources—The Company has historically funded mortgages and contracts receivable and unsold Vacation Interests with borrowings through its financing facilities, sales of mortgages and contracts receivable and internally generated funds. Borrowings are in turn repaid with the proceeds received by the Company from repayments of such mortgages and contracts receivable. To the extent that the Company is not successful in maintaining or replacing existing financings, it would have to curtail its sales and marketing operations or sell assets, thereby resulting in a material adverse effect on the Company’s results of operations, cash flows and financial condition. | |
Geographic Concentration—Currently, portions of the Company's consumer loan portfolio are concentrated in certain geographic regions within the U.S. As of September 30, 2013, the Company's loans to California, Arizona and Florida residents constituted 28.7%, 9.2% and 5.1%, respectively, of the consumer loan portfolio. The deterioration of the economic condition and financial well-being of the regions in which the Company has significant loan concentrations such as California, Arizona or Florida, could adversely affect its consumer loan portfolio, business and results of operations. No other state or foreign country concentration accounted for in excess of 5.0% of the portfolio. The credit risk inherent in such concentrations is dependent upon regional and general economic stability, which affects property values and the financial well-being of the borrowers. | |
Interest Rate Risk—Since the Company’s indebtedness bears interest at variable rates, any increase in interest rates beyond amounts covered under the Company’s interest rate cap agreements or swap agreements, particularly if sustained, could have a material adverse effect on the Company’s results of operations, cash flows and financial position. | |
The Company derives net interest income from its financing activities because the interest rates it charges its customers who finance the purchase of their VOIs exceed the interest rates the Company pays to its lenders. Since the Company’s customer receivables generally bear interest at fixed rates, increases in interest rates will erode the spread in interest rates that the Company has historically obtained. | |
Between July 2010 and December 2012, the Company entered into a series of interest rate cap agreements (the "2010 and 2012 Cap Agreements") to manage its exposure to interest rate increases. | |
The 2010 and 2012 Cap Agreements expired on July 20, 2013. On July 20, 2013, as required by the Conduit Facility (see "Note 15 - Borrowings" for the definition of the Conduit Facility), the Company entered into an interest rate swap agreement with a notional amount of $55.0 million (the “July 2013 Swap”) that matures on July 20, 2023 to manage its exposure to the fluctuation in interest rates. The Company pays interest at a fixed rate of 2.18% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on three-month floating LIBOR. | |
On August 20, 2013, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $35.0 million (the “August 2013 Swap”) that matures on August 20, 2023 to manage its exposure to the fluctuation in interest rates. The Company pays interest at a fixed rate of 2.42% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on three-month floating LIBOR. | |
As of September 30, 2013, the fair value of these swap agreements was calculated to be $0.7 million based on valuation reports provided by counterparties. | |
As of September 30, 2013, the Company had $105.0 million outstanding under its Conduit Facility. This outstanding balance was covered by the July 2013 Swap and the August 2013 Swap. See "Note 18—Fair Value Measurements" for further detail. |
Cash_in_Escrow_and_Restricted_
Cash in Escrow and Restricted Cash | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Restricted Cash and Cash Equivalents | ' | ||||||||
Cash in Escrow and Restricted Cash | |||||||||
Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 21,910 | $ | 15,416 | |||||
Collected on behalf of HOAs and other | 16,355 | 11,617 | |||||||
Escrow | 12,235 | 8,134 | |||||||
Rental trust | 8,141 | 6,040 | |||||||
Bonds and deposits | 2,601 | 1,104 | |||||||
Total cash in escrow and restricted cash | $ | 61,242 | $ | 42,311 | |||||
Mortgages_and_Contracts_Receiv
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Financing Receivable, Net [Abstract] | ' | |||||||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | ' | |||||||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | ||||||||||||||||||
The Company provides financing to purchasers of VOIs at North American sales centers that is collateralized by their VOIs. Eligibility for this financing is determined based on the customers’ FICO credit scores. As of September 30, 2013, the mortgages and contracts receivable bore interest at fixed rates between 0.0% and 21.5%. The term of the mortgages and contracts receivable are from one year to 15 years and may be prepaid at any time without penalty. The weighted average interest rate of outstanding mortgages and contracts receivable was 15.3% and 15.7% as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
The Company charges off mortgages and contracts receivable upon the earliest of (i) cancellation or foreclosure proceedings; or (ii) the customer's account becoming over 180 days delinquent. Once a customer has made six timely payments following the event leading to the charge-off, the charge-off is reversed. A default in a customer's initial payment results in a rescission of the sale. All collection and foreclosure costs are expensed as incurred. Mortgages and contracts receivable between 90 and 180 days past due as of September 30, 2013 and December 31, 2012 were 2.1% and 2.6%, respectively, of gross mortgages and contracts receivable. | ||||||||||||||||||
Mortgages and contracts receivable originated by the Company are recorded net of deferred loan and contract origination costs, and the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the estimated life of the mortgages or contracts receivable based on historical prepayments as a decrease to interest revenue using the effective interest method. Amortization of deferred loan and contract origination costs charged to interest revenue was $1.4 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $3.9 million and $2.4 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
The Company recorded a $3.3 million discount on the mortgage pool acquired on April 27, 2007 in connection with the Sunterra Merger, which discount is being amortized over the life of the related acquired mortgage pool. As of September 30, 2013 and December 31, 2012, the net unamortized discount on this acquired mortgage pool was $0.3 million and $0.3 million, respectively. During the three months ended September 30, 2013 and 2012, the Company recorded a de minimis amount in amortization as an increase to interest revenue. During the nine months ended September 30, 2013 and 2012, the Company recorded $0.1 million in amortization as an increase to interest revenue. | ||||||||||||||||||
The Company recorded a $0.8 million premium on the purchased Mystic Dunes mortgage pool that was part of the Tempus Resorts Acquisition and was being amortized over the life of the related acquired mortgage pool. This premium was fully amortized during the three months ended September 30, 2013 as a result of the loans being sold as part of the Tempus 2013 Notes (see "Note 15—Borrowings" for the definition of the Tempus 2013 Notes). As of December 31, 2012, the net unamortized premium was $0.5 million. During the three months ended September 30, 2013 and 2012, the Company recorded amortization of $0.4 million and $0.1 million, respectively. During the nine months ended September 30, 2013, amortization of $0.5 million was recorded as a decrease to interest revenue. During the nine months ended September 30, 2012, amortization of $0.7 million was recorded as an increase to interest revenue. | ||||||||||||||||||
The Company recorded a $0.1 million premium on May 21, 2012 on the mortgage pool purchased in the PMR Acquisition and is being amortized over the life of the related acquired mortgage pool. As of September 30, 2013 and December 31, 2012, the net unamortized premium was $0.1 million and $0.1 million, respectively. During the three months and nine months ended September 30, 2013, no amortization was recorded. During the three months and nine months ended September 30, 2012, amortization of a de minimis amount was recorded as a decrease to interest revenue. | ||||||||||||||||||
The Company recorded a $0.4 million premium on July 24, 2013 on the mortgage pool purchased in the Island One Acquisition and is being amortized over the life of the related acquired mortgage pool. As of September 30, 2013, no amortization had been recorded. | ||||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Mortgages and contracts receivable, acquired — the Sunterra Merger | $ | 21,235 | $ | 30,721 | ||||||||||||||
Mortgages and contracts receivable, contributed | 576 | 1,337 | ||||||||||||||||
Mortgages and contracts receivable, originated | 374,158 | 290,264 | ||||||||||||||||
Mortgages and contracts receivable, purchased | 65,065 | 64,932 | ||||||||||||||||
Mortgages and contracts receivable, gross | 461,034 | 387,254 | ||||||||||||||||
Allowance for loan and contract losses | (98,153 | ) | (83,784 | ) | ||||||||||||||
Deferred profit on Vacation Interest transactions | (2,372 | ) | (6,113 | ) | ||||||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 6,787 | 4,810 | ||||||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 10,026 | 10,512 | ||||||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 441 | 564 | ||||||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | (250 | ) | (311 | ) | ||||||||||||||
Mortgages and contracts receivable, net | $ | 377,513 | $ | 312,932 | ||||||||||||||
As of September 30, 2013 and December 31, 2012, $394.3 million and $340.4 million, respectively, of the gross amount of mortgages and contracts receivable were collateralized against the Company’s various debt instruments included in "Securitization notes and Funding Facilities" in the accompanying condensed consolidated balance sheets. See "Note 15—Borrowings" for further detail. | ||||||||||||||||||
Deferred profit on Vacation Interest transactions represents the revenues less the related direct costs (sales commissions, sales incentives, cost of sales and allowance for loan losses) related to sales that do not qualify for revenue recognition under the provisions of ASC 978. See "Note 2—Summary of Significant Accounting Policies" to the Annual Financial Statements included in the Final Prospectus for description of revenue recognition criteria. | ||||||||||||||||||
Inventory value of defaulted mortgages that were previously contributed and acquired represents the inventory underlying mortgages that have defaulted. Upon recovery of the inventory, the value is transferred to unsold Vacation Interests, net. | ||||||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Balance, beginning of period | $ | 87,193 | $ | 80,901 | $ | 83,784 | $ | 84,098 | ||||||||||
Provision for uncollectible Vacation Interest sales revenue | 13,659 | 6,700 | 29,128 | 17,277 | (a) | |||||||||||||
Provision for purchased portfolios | 3,972 | (430 | ) | 3,972 | 3,174 | |||||||||||||
Mortgages and contracts receivable charged off | (7,617 | ) | (7,883 | ) | (21,486 | ) | (30,037 | ) | ||||||||||
Recoveries | 925 | 1,479 | 2,757 | 6,249 | ||||||||||||||
Effect of translation rate | 21 | 13 | (2 | ) | 19 | |||||||||||||
Balance, end of period | $ | 98,153 | $ | 80,780 | $ | 98,153 | $ | 80,780 | ||||||||||
_____________ | ||||||||||||||||||
(a) The provision for uncollectible Vacation Interest sales revenue in the table above showing activity in the allowance for loan and contract losses associated with mortgages and contracts receivable is exclusive of ASC 978 adjustments related to deferred revenue, as well as adjustments for the rescission period required under applicable law. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue by $0.1 million for the three months ended September 30, 2013 and decreased the provision by $0.4 million for the three months ended September 30, 2012. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue by $0.8 million for the nine months ended September 30, 2013 and decreased the provision by $0.9 million for the nine months ended September 30, 2012. The adjustments for the rescission period increased the provision for uncollectible Vacation Interest sales revenue by $0.1 million and decreased the provision by a de minimis amount for the three months ended September 30, 2013 and 2012, respectively. The adjustments for the rescission period decreased the provision for uncollectible Vacation Interest sales revenue by $0.2 million and $0.3 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
A summary of credit quality as of the dates presented below is as follows (in thousands): | ||||||||||||||||||
FICO Scores | September 30, 2013 | 31-Dec-12 | ||||||||||||||||
>799 | $ | 38,639 | $ | 31,199 | ||||||||||||||
700 – 799 | 223,144 | 181,456 | ||||||||||||||||
600 – 699 | 151,602 | 127,423 | ||||||||||||||||
<600 | 26,414 | 24,686 | ||||||||||||||||
No FICO Scores | 21,235 | 22,490 | ||||||||||||||||
$ | 461,034 | 387,254 | ||||||||||||||||
FICO credit scores were updated as of March 31, 2013 for all mortgages and contracts receivable. The "No FICO Scores" category in the table above is primarily comprised of customers who live outside of the United States. |
Transactions_with_Related_Part
Transactions with Related Parties | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Transactions with Related Parties [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 6 | — Transactions with Related Parties | ||||||||
Due from Related Parties, Net, and Due to Related Parties, Net | |||||||||
Amounts due from related parties, net, and due to related parties, net, consist primarily of transactions with HOAs or Collections for which the Company acts as the management company. Due from related parties, net, transactions include management fees for the Company’s role as the management company, certain expenses reimbursed by HOAs and Collections, and the allocation of a portion of the Company’s Vacation Interest carrying costs, management and member services, consolidated resort operations, loan portfolio and general and administrative expenses according to a pre-determined schedule approved by the board of directors at each HOA and Collection. Due to related parties, net, transactions include (i) the amounts due to HOAs under inventory recovery agreements the Company enters into regularly with certain HOAs and similar agreements with the Collections pursuant to which the Company recaptures VOIs, either in the form of vacation points or vacation intervals, and brings them into the Company’s inventory for sale to customers; (ii) the maintenance fee and assessment fee liability owed to HOAs for intervals or to the Collections for points owned by the Company (this liability is recorded on January 1 of each year for the entire amount of annual maintenance and assessment fees and is relieved throughout the year by the payments remitted to the HOAs and the Collections; these maintenance and assessment fees are also recorded as prepaid expenses and other assets in the accompanying condensed consolidated balance sheets and amortized ratably over the year); (iii) cleaning fees owed to the HOAs for room stays incurred by the Company’s customers; (iv) subsidy liabilities according to a developer guarantee at a resort; in addition, the Company carries subsidy liabilities owed to certain HOAs to fund the negative cash flows at these HOAs according to certain subsidy agreements which have been terminated; and (v) miscellaneous transactions with other non-HOA related parties. | |||||||||
Amounts due from related parties and due to related parties, some of which are due on demand, carry no interest. Due to the fact that the right of offset exists between the Company and the HOAs and the Collections, the Company evaluates amounts due to and from each HOA and Collection at each reporting period to present the balances as either a net due to or a net due from related parties for each HOA and Collection in accordance with the requirements of ASC 210, "Balance Sheet— Offsetting." | |||||||||
Due from related parties, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Amounts due from HOAs | $ | 28,236 | $ | 13,346 | |||||
Amounts due from Collections | 7,092 | 8,970 | |||||||
Amounts due from other | 1,130 | 679 | |||||||
Total due from related parties, net | $ | 36,458 | $ | 22,995 | |||||
Due to related parties, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Amounts due to HOAs | $ | 38,178 | $ | 33,441 | |||||
Amounts due to Collections | 40,736 | 30,563 | |||||||
Amounts due to other | 365 | 200 | |||||||
Total due to related parties, net | $ | 79,279 | $ | 64,204 | |||||
In connection with the Island One Acquisition and the PMR Service Companies Acquisition, the Company acquired $3.4 million and $0.3 million, respectively, in amounts due from HOAs based on a preliminary appraisal. See "Note 22—Business Combinations" for further details. | |||||||||
Guggenheim Relationship | |||||||||
Two members of the Company's board, Messrs. Zachary Warren and Scott Minerd, are principals of Guggenheim | |||||||||
Partners, LLC ("Guggenheim"), an affiliate of the DRP Holdco, LLC (the "Guggenheim Investor"), a significant investor in the | |||||||||
Company. Pursuant to an agreement with the Company, Guggenheim Partners, LLC has the right to appoint two members to the Company's board, subject to certain security ownership thresholds, and Messrs. Warren and Minerd serve as members of the Company's board as the appointees of Guggenheim Partners, LLC. | |||||||||
In connection with the amendment and restatement of the Company's Conduit Facility on April 11, 2013, an affiliate of Guggenheim became a commercial paper conduit for the Conduit Facility. Also, another affiliate of Guggenheim is currently an investor in the Company's DROT 2011 Notes and Senior Secured Notes. See "Note 15—Borrowings" for the definition of and more detail regarding these borrowings. | |||||||||
On July 1, 2011, the Company completed the Tempus Resorts Acquisition. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into the Tempus Acquisition Loan with Guggenheim Corporate Funding, LLC. See "Note 15— Borrowings" for the definition of and more detail on the Tempus Acquisition Loan. On July 24, 2013, the outstanding principal balance under the Tempus Acquisition Loan, along with accrued and unpaid interest and exit fees, was paid off in full using an aggregate of $50.0 million in proceeds from the IPO. | |||||||||
During the three months ended September 30, 2013, Tempus Acquisition, LLC made an aggregate of approximately $0.3 million in interest payments, approximately $2.7 million in exit fee payments and approximately $47.5 million in principal payments on the Tempus Acquisition Loan. During the three months ended September 30, 2012, Tempus Acquisition, LLC made an aggregate of approximately $0.7 million in interest payments and $1.7 million in principal payments on the Tempus Acquisition Loan. During the nine months ended September 30, 2013, Tempus Acquisition, LLC made an aggregate of approximately $2.4 million in interest payments, approximately $2.7 million in exit fee payments and approximately $52.8 million in principal payments on the Tempus Acquisition Loan. During the nine months ended September 30, 2012, Tempus Acquisition, LLC made an aggregate of approximately $3.0 million in interest payments and $7.9 million in principal payments on the Tempus Acquisition Loan. | |||||||||
In connection with the funding of the Tempus Acquisition Loan pursuant to the Loan and Security Agreement, dated as of June 30, 2011, among Tempus Acquisition, LLC, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the Tempus Resorts Acquisition, the Company issued a warrant (the “Tempus Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between the Company and Guggenheim Corporate Funding, LLC. In connection with the Company's payoff of the Tempus Acquisition Loan in full on July 24, 2013, the Tempus Warrant was canceled for no consideration consistent with the terms of the Tempus Acquisition Loan and Security Agreement. See "Note 15—Borrowings" for further detail. | |||||||||
On May 21, 2012, the Company completed the PMR Acquisition. In order to fund the PMR Acquisition, DPMA entered into the PMR Acquisition Loan with Guggenheim Corporate Funding, LLC. See "Note 15—Borrowings" for the definition of and more detail on the PMR Acquisition Loan. On July 24, 2013, the outstanding principal balance under the PMR Acquisition Loan, along with accrued and unpaid interest and exit fees, was paid off in full using an aggregate of $62.1 million in proceeds from the IPO. | |||||||||
During the three months ended September 30, 2013, DPMA made an aggregate of approximately $0.4 million in interest payments, approximately $3.1 million in exit fee payments and approximately $59.3 million in principal payments on the PMR Acquisition Loan. During the three months ended September 30, 2012, DPMA made an aggregate of approximately $1.6 million in interest payments and $2.4 million in principal payments on the PMR Acquisition Loan. During the nine months ended September 30, 2013, DPMA made an aggregate of approximately $3.4 million in interest payments, approximately $3.1 million in exit fee payments and approximately $64.6 million in principal payments on the PMR Acquisition Loan. During the nine months ended September 30, 2012, DPMA made an aggregate of approximately $2.3 million in interest payments and $2.4 million in principal payments on the PMR Acquisition Loan. | |||||||||
In connection with the funding of the PMR Acquisition Loan pursuant to the Loan and Security Agreement, dated as of May 21, 2012, among DPMA, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the PMR Acquisition, the Company issued a warrant (the “PMR Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between the Company and Guggenheim Corporate Funding, LLC. In connection with the Company's payoff of the PMR Acquisition Loan in full on July 24, 2013, the PMR Warrant was canceled for no consideration consistent with the terms of the PMR Acquisition Loan and Security Agreement. See "Note 15—Borrowings" for further detail. | |||||||||
On September 27, 2013, the Company paid approximately $10.3 million to repurchase warrants to purchase shares of common stock of DRC and, substantially concurrently therewith, the Company borrowed approximately $15.0 million under the Revolving Credit Facility. An affiliate of Guggenheim Partners, LLC was the holder of one of these warrants and received approximately $2.8 million in connection with such repurchase. See "Note 15—Borrowings" for definitions of, and more detail on, the Revolving Credit Facility. |
Other_Receivables_Net
Other Receivables, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Other Receivables, Net | ' | ||||||||
Other Receivables, Net | |||||||||
Other receivables, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Mini-vacation and sampler programs receivable, net of allowance of $389 and $427, respectively | $ | 11,890 | $ | 9,512 | |||||
Mortgage and contracts interest receivable | 4,426 | 4,398 | |||||||
Rental receivables and other resort management-related receivables, net of allowance of $260 and $1,210, respectively | 4,252 | 2,935 | |||||||
Owner maintenance fee receivable, net of allowance of $3,529 and $2,993, respectively | 3,320 | 2,230 | |||||||
Club dues receivable, net of allowance of $14,478 and $15,034, respectively | 2,654 | 22,012 | |||||||
Tax refund receivable | 2,294 | 2,239 | |||||||
Insurance claims receivable | 7 | 54 | |||||||
THE Club conversion receivable, net of allowance of $243 and $249, respectively | — | 35 | |||||||
Other receivables | 4,134 | 2,634 | |||||||
Total other receivables, net | $ | 32,977 | $ | 46,049 | |||||
In connection with the Island One Acquisition and the PMR Service Companies Acquisition, the Company acquired $2.2 million and $1.1 million, respectively, in other receivables primarily related to Florida Club Connection dues receivable and amounts due from the PMR Service Companies, respectively, based on a preliminary appraisal. See "Note 22—Business Combinations" for further details. |
Postretirement_Benefit_Plan
Post-retirement Benefit Plan | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Post-retirement Benefit Plan [Abstract] | ' | ||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||
Note 23 — Post-retirement Benefit Plan | |||||
In 1999, the Company entered into a collective labor agreement with the employees at its resorts in St. Maarten, where the Company functions as the HOA (the "Collective Labor Agreement"). The Collective Labor Agreement provides for an employee service allowance to be paid to employees upon their termination, resignation or retirement. Upon review of the Collective Labor Agreement, the Company determined that the employee service allowance should be accounted for as a defined benefit plan (the "Defined Benefit Plan") in accordance with the requirements of ASC 715, "Compensation-Retirement Benefits." | |||||
The Company’s net obligation in respect of the Defined Benefit Plan is calculated by estimating the amount of future benefit that employees have earned in the current financial period and prior periods. The recording of the Defined Benefit Plan resulted in the recognition of (i) an underfunded pension liability of $2.8 million, (ii) service, interest and amortized prior service costs of $0.8 million during the nine months ended September 30, 2013, and (iii) other comprehensive loss of $2.1 million for the accumulated benefit obligation of the plan related to the years prior to January 1, 2012. As of September 30, 2013, a de minimis amount of benefits has been paid to employees in accordance with the Defined Benefit Plan. | |||||
A summary of benefit obligations, fair value of plan assets and funded status is as follows (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Projected obligations at January 1, 2013 | $ | 2,183 | |||
Service costs | 322 | ||||
Interest costs | 153 | ||||
Losses | 223 | ||||
Benefits paid | (41 | ) | |||
Projected obligations at September 30, 2013 | $ | 2,840 | |||
At September 30, 2013, the Company had no plan assets. The benefit obligation and plan assets as of September 30, 2013 were as follows (in thousands): | |||||
30-Sep-13 | |||||
Fair value of plan assets | $ | — | |||
Benefit obligation | 2,840 | ||||
Unfunded obligation | $ | 2,840 | |||
The actuarial gain or loss for the year is determined by the change in the settlement (discount) rate used to determine the benefit obligation. Weighted average assumptions used to determine net benefit cost for the three and nine months ended September 30, 2013 were as follows: | |||||
30-Sep-13 | |||||
Settlement (discount) rate | 3.31 | % | |||
Increase in future compensation | 3 | % | |||
Amounts recognized in accumulated other comprehensive loss at September 30, 2013 consisted of the following (in thousands): | |||||
30-Sep-13 | |||||
Net loss | $ | 223 | |||
Prior year service cost | 1,883 | ||||
Total amounts included in accumulated other comprehensive loss | $ | 2,106 | |||
The accumulated benefit obligation for the Defined Benefit Plan was $2.1 million at September 30, 2013. | |||||
Components of net benefit costs were as follows for the nine months ended September 30, 2013 (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Service cost | $ | 322 | |||
Interest cost | 153 | ||||
Amortization of prior service costs | 299 | ||||
Net pension cost | $ | 774 | |||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss were as follows (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Net loss | $ | 223 | |||
Amortization of prior service costs | 299 | ||||
Total recognized in other comprehensive loss | 522 | ||||
Net pension cost | 774 | ||||
Total recognized in net pension cost and other comprehensive loss | $ | 1,296 | |||
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Assets, Net | ' | ||||||||
Prepaid Expenses and Other Assets, Net | |||||||||
The nature of selected balances included in prepaid expenses and other assets, net, includes: | |||||||||
Unamortized maintenance fees—prepaid annual maintenance fees billed by the HOAs and the Collections for resorts included in the Company's resort network that are managed by the Company on unsold Vacation Interests owned by the Company, which are charged to expense ratably over the year. | |||||||||
Deferred commissions—commissions paid to sales agents related to deferred mini-vacations and sampler program revenue, which are charged to advertising, sales and marketing expense as the associated revenue is recognized. Sampler programs allow purchasers to utilize vacation points during a trial period. | |||||||||
Vacation Interest purchases in transit—open market purchases of vacation points from prior owners for which the titles have not been officially transferred to the Company. These Vacation Interest purchases in transit are reclassified to unsold Vacation Interests, net, upon successful transfer of title. | |||||||||
Prepaid member benefits and affinity programs—usage rights of members of the Clubs exchanged for a variety of products and travel services, including airfare, cruises and excursions, amortized ratably over the year. | |||||||||
Unamortized exchange fees—unamortized portion of the amount paid to Interval International, Inc. ("Interval International") for memberships with Interval International, amortized ratably over the year. | |||||||||
Deferred inventory recovery agreements—unamortized portion of non-capitalized amount recovered pursuant to inventory recovery agreements between the Company and certain HOAs and Collections. The unamortized portion is charged to expense ratably over the year. | |||||||||
Prepaid rent—portion of rent paid in advance and charged to expense in accordance with lease agreements | |||||||||
Prepaid maintenance fees—prepaid annual maintenance fees billed by the HOAs at the resorts included in the Company's resort network, but which are not managed by the Company, on unsold Vacation Interests owned by the Company, which are charged to expense ratably over the year. Prepaid expenses and other assets, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Debt issuance costs, net | $ | 19,472 | $ | 22,143 | |||||
Unamortized maintenance fees | 16,066 | — | |||||||
Deferred commissions | 12,363 | 8,881 | |||||||
Vacation Interest purchases in transit | 9,985 | 3,262 | |||||||
Prepaid member benefits and affinity programs | 5,738 | 3,881 | |||||||
Deposits and advances | 4,035 | 3,848 | |||||||
Prepaid insurance | 3,485 | 2,382 | |||||||
Other inventory or consumables | 3,330 | 3,299 | |||||||
Unamortized exchange fees | 2,479 | — | |||||||
Prepaid professional fees | 2,141 | 1,231 | |||||||
Prepaid sales and marketing costs | 1,364 | 798 | |||||||
Deferred inventory recovery agreements | 1,274 | — | |||||||
Prepaid rent | 592 | 296 | |||||||
Prepaid maintenance fees | 566 | 4,208 | |||||||
Assets to be disposed (not actively marketed) | 525 | 526 | |||||||
Other | 5,466 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 88,881 | $ | 58,024 | |||||
With the exception of Vacation Interest purchases in transit and assets to be disposed (not actively marketed), prepaid expenses are expensed as the underlying assets are utilized or amortized. Debt issuance costs incurred in connection with obtaining funding for the Company have been capitalized and are being amortized over the lives of the related funding agreements as a component of interest expense using a method which approximates the effective interest method. Amortization of capitalized debt issuance costs included in interest expense was $1.5 million and $1.3 million for the three months ended September 30, 2013 and 2012, respectively, and $4.6 million and $3.8 million for the nine months ended September 30, 2013 and 2012, respectively. See "Note 15—Borrowings" for more detail. | |||||||||
Debt issuance costs, net of amortization, recorded as of September 30, 2013 were comprised of $11.6 million related to the Senior Secured Notes, $2.0 million related to the Diamond Resorts Owner Trust Series 2009-1 Class A and Class B Notes, $1.8 million related to the Diamond Resorts Owner Trust Series 2013-1 Class A and Class B Notes, $1.6 million related to the Conduit Facility, $1.2 million related to the Diamond Resorts Owner Trust Series 2011-1 Notes, $1.0 million related to the Diamond Resorts Tempus Owner Trust 2013 Notes and $0.2 million related to the ILXA loans. See "Note 15—Borrowings" for definitions of, and more detail on, the Company's borrowings. | |||||||||
Debt issuance costs, net of amortization, recorded as of December 31, 2012 were comprised of $13.2 million related to the Senior Secured Notes, $3.3 million related to the Diamond Resorts Owner Trust Series 2009-1 Class A and Class B Notes, $2.3 million related to the PMR Acquisition Loan, $1.5 million related to the Diamond Resorts Owner Trust Series 2011-1 Notes, $1.2 million related to the Tempus Acquisition Loan, $0.3 million related to the Conduit Facility, $0.3 million related to the ILXA loans, and $0.1 million related to the Tempus Inventory Loan. | |||||||||
Debt issuance costs of $2.0 million related to the PMR Acquisition Loan and $0.9 million related to the Tempus Acquisition Loan were written off in July 2013 in connection with the payoff of these loans with proceeds from the IPO. In addition, debt issuance costs of $1.4 million related to the Senior Secured Notes were written off in August 2013 in connection with the repurchase of a portion of these notes with proceeds from the IPO. The Company recognized a charge of $13.4 million for loss on extinguishment of debt, including the $4.3 million write off of these debt issuance costs, in the quarter ended September 30, 2013. | |||||||||
In connection with the Island One Acquisition, the Company acquired $3.5 million in prepaid expenses and other assets primarily related to unamortized maintenance fees based on a preliminary appraisal. See "Note 20—Business Combinations" for further details. |
Unsold_Vacation_Interests_Net
Unsold Vacation Interests, Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||||||||||
Unsold Vacation Interests, Net | ' | ||||||||||||||||
Unsold Vacation Interests, Net | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | 31-Dec-12 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 254,549 | $ | 268,007 | |||||||||||||
Undeveloped land | 33,358 | 38,786 | |||||||||||||||
Vacation Interest construction in progress | 13,802 | 9,074 | |||||||||||||||
Unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months ended September 30, | Nine Months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance, beginning of period | $ | 307,613 | $ | 320,712 | $ | 315,867 | $ | 256,805 | |||||||||
Vacation Interest cost of sales | (18,605 | ) | (16,778 | ) | (45,451 | ) | (17,175 | ) | |||||||||
Inventory recovery activity - North America | 179 | 9,081 | 20,127 | 26,467 | |||||||||||||
Inventory recovery activity - Europe | 3,086 | 11,785 | 4,478 | 14,883 | |||||||||||||
Purchases in connection with business combinations | 4,823 | — | 4,823 | 36,221 | |||||||||||||
Open market and bulk purchases | 181 | 2,728 | 1,609 | 3,977 | |||||||||||||
Accrued bulk purchases | (804 | ) | — | 662 | — | ||||||||||||
Capitalized legal, title and trust fees | (39 | ) | 1,081 | 1,107 | 2,132 | ||||||||||||
Construction in progress | 1,387 | 527 | 3,579 | 989 | |||||||||||||
Loan default recoveries, net | 612 | 361 | 2,572 | 3,116 | |||||||||||||
Transfers from (to) assets held for sale | 835 | — | (9,316 | ) | 1,315 | ||||||||||||
Impairment of inventory | (1,200 | ) | — | (1,200 | ) | — | |||||||||||
Effect of foreign currency translation | 2,355 | 866 | 1,062 | 1,569 | |||||||||||||
Other | 1,286 | (275 | ) | 1,790 | (211 | ) | |||||||||||
Balance, end of period | $ | 301,709 | $ | 330,088 | $ | 301,709 | $ | 330,088 | |||||||||
See Note 2—Summary of Significant Accounting Policies to the Annual Financial Statements included in the Final Prospectus for discussions on unsold Vacation Interests, net. | |||||||||||||||||
In connection with the Island One Acquisition, the Company acquired $4.8 million in unsold Vacation Interests, net based on a preliminary appraisal. See "Note 22—Business Combinations" for further details. | |||||||||||||||||
During the three months ended September 30, 2013, the Company recorded a $1.2 million impairment loss attributable to the write down of certain parcels of vacant land in the United States to its net realizable value based on a third-party appraisal. | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | 31-Dec-12 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 254,549 | $ | 268,007 | |||||||||||||
Undeveloped land | 33,358 | 38,786 | |||||||||||||||
Vacation Interest construction in progress | 13,802 | 9,074 | |||||||||||||||
Unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
Property and Equipment, Net | |||||||||
Property and equipment, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Land and improvements | $ | 18,624 | $ | 16,828 | |||||
Buildings and leasehold improvements | 34,818 | 32,932 | |||||||
Furniture and office equipment | 18,127 | 16,180 | |||||||
Computer software | 23,916 | 17,370 | |||||||
Computer equipment | 12,357 | 10,358 | |||||||
Construction in progress | 116 | 25 | |||||||
Property and equipment, gross | 107,958 | 93,693 | |||||||
Less accumulated depreciation | (46,740 | ) | (38,573 | ) | |||||
Property and equipment, net | $ | 61,218 | $ | 55,120 | |||||
Depreciation expense related to property and equipment was $3.0 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $8.1 million and $6.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
Property and equipment are recorded at either cost for assets purchased or constructed, or fair value in the case of assets acquired through business combinations. The costs of improvements that extend the useful life of property and equipment are capitalized when incurred. These capitalized costs may include structural costs, equipment, fixtures and floor and wall coverings. All repair and maintenance costs are expensed as incurred. | |||||||||
Buildings and leasehold improvements are depreciated using the straight-line method over the lesser of the estimated useful lives, which range from four to forty years, or the remainder of the lease terms. Furniture, office equipment, computer software and computer equipment are depreciated using the straight-line method over their estimated useful lives, which range from three to seven years. | |||||||||
In connection with the Island One Acquisition completed on July 24, 2013, the Company acquired $1.3 million in furniture, office and computer equipment, and leasehold improvements based on a preliminary appraisal. See "Note 22—Business Combinations" for further details. |
Intangible_Assets_Net
Intangible Assets, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets, Net | ' | ||||||||||||
ntangible Assets, Net | |||||||||||||
Goodwill and other intangible assets, net, as of September 30, 2013 consisted of the following (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Goodwill | $ | 27,665 | $ | — | $ | 27,665 | |||||||
Management contracts | 202,518 | (28,152 | ) | 174,366 | |||||||||
Member relationships | 39,676 | (30,473 | ) | 9,203 | |||||||||
Distributor relationships and other | 21,226 | (1,335 | ) | 19,891 | |||||||||
$ | 291,085 | $ | (59,960 | ) | $ | 231,125 | |||||||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company does not amortize goodwill, but rather evaluates goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit, (as defined in ASC 350-20, "Intangibles—Goodwill") is below the carrying amount. The balance at September 30, 2013 represents the goodwill recorded in connection with the Island One Acquisition completed on July 24, 2013. | |||||||||||||
In connection with the Island One Acquisition and the PMR Services Companies Acquisition, the Company recorded $51.8 million and $50.9 million, respectively, of intangible assets consisting of management contracts, customer listings and a member exchange club, based on preliminary appraisals. See "Note 22—Business Combinations" for further details. | |||||||||||||
Goodwill and other intangible assets, net, as of December 31, 2012 consisted of the following (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Goodwill | $ | — | $ | — | $ | — | |||||||
Management contracts | 117,672 | (20,931 | ) | 96,741 | |||||||||
Member relationships | 38,017 | (26,348 | ) | 11,669 | |||||||||
Distributor relationships and other | 4,866 | (778 | ) | 4,088 | |||||||||
$ | 160,555 | $ | (48,057 | ) | $ | 112,498 | |||||||
Amortization expense for management contracts is recognized on a straight-line basis over the estimated useful lives ranging from five to 25 years. Amortization expense for management contracts was $3.0 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively, and $7.5 million and $5.0 million for the nine months ended September 30, 2013 and 2012, respectively. Amortization expense for member relationships, distributor relationships and other is amortized over the period of time that the relationships are expected to produce cash flows. Amortization expense for member relationships, distributor relationships and other intangibles was $1.5 million and $1.1 million for the three months ended September 30, 2013 and 2012, respectively, and $4.4 million and $2.4 million for the nine months ended September 30, 2013 and 2012, respectively. Membership relationships and distributor relationships have estimated useful lives ranging from three to 30 years. However, the Company expects to generate significantly more cash flows during the earlier years of the relationships than the later years. Consequently, amortization expenses on these relationships decrease significantly over the lives of the relationships. | |||||||||||||
The estimated aggregate amortization expense for intangible assets recorded as of September 30, 2013 is expected to be $18.9 million, $16.8 million, $13.5 million, $12.6 million and $12.1 million for the 12 months ending September 30, 2014 through 2018, respectively. |
Assets_Held_for_Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2013 | |
Assets Held for Sale [Abstract] | ' |
Assets Held for Sale | ' |
Assets Held for Sale | |
Assets held for sale are recorded at the lower of cost or their estimated fair value less cost to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. In October 2011, the Company entered into an agreement with certain affiliates of Pacific Monarch Resorts, Inc., pursuant to which the Company agreed to sell certain completed units at one of the resorts managed by the Company in Mexico for $5.9 million, which units are classified as assets held for sale. The Company expects to complete the sale of these units by June 30, 2014. | |
The $11.2 million balance in assets held for sale as of September 30, 2013 included the net realizable value of certain parcels of vacant land located in the United States recorded in accordance with a sales agreement with a third party. In addition, the balance also included the points equivalent of unsold units and resorts in the Company's European operations that were either held for sale or pending the consummation of sale. As of September 30, 2013, the Company was a party to such sales contracts entered into during 2013 and 2011 for approximately $0.3 million and $1.0 million, respectively, of units that were classified as held for sale. The proceeds will be paid over several years, and the Company will retain title to the properties until the full amounts due under the sales contracts are received. According to guidance included in ASC 360, "Property, Plant, and Equipment," the sales will not be considered consummated until all consideration has been exchanged. Consequently, the assets pending consummation of sale will continue to be included in assets held for sale until all proceeds are received. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
The Company records estimated amounts for certain accrued liabilities at each period end. Accrued liabilities are obligations to transfer assets or provide services to other entities in the future as a result of past transactions or events. The nature of selected balances included in accrued liabilities of the Company includes: | |||||||||
Accrued marketing expenses—expenses for travel vouchers and certificates used as sales incentives to buyers as well as attraction tickets as tour incentives. Such vouchers and certificates will be paid for in the future based on actual redemption. | |||||||||
Accrued exchange company fees—estimated liability owed to Interval International for annual dues related to exchange services provided to the Company. | |||||||||
Accrued operating lease liabilities—difference between straight-line operating lease expenses and cash payments associated with any equipment, furniture, or facilities leases classified as operating leases. | |||||||||
Accrued liability related to business combinations—contingent liability associated with an earn-out clause in connection with the Aegean Blue Acquisition. | |||||||||
Accrued call center costs—expenses associated with the outsourced customer service call center operations. | |||||||||
Deposits on pending sale of assets—deposits that the Company has received in connection with the pending sales of certain assets in its European operations. The sale of these assets has not been consummated due to the fact that not all consideration has been exchanged. These deposits are, therefore, accounted for using the deposit method in accordance with ASC 360, "Property, Plant and Equipment." See "Note 12—Assets Held for Sale" for further detail. | |||||||||
Accrued contingent litigation liabilities—estimated settlement costs for existing litigation cases. | |||||||||
Accrued liabilities as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Accrued payroll and related | $ | 27,240 | $ | 22,313 | |||||
Accrued commissions | 14,916 | 12,021 | |||||||
Accrued other taxes | 10,500 | 7,165 | |||||||
Accrued marketing expenses | 9,721 | 12,189 | |||||||
Accrued interest | 8,565 | 23,627 | |||||||
Accrued exchange company fees | 4,694 | 1,209 | |||||||
Accrued insurance | 3,224 | 4,983 | |||||||
Accrued operating lease liabilities | 3,617 | 3,438 | |||||||
Accrued liability related to business combinations | 3,478 | 3,400 | |||||||
Accrued professional fees | 2,839 | 5,472 | |||||||
Accrued call center costs | 1,633 | 2,060 | |||||||
Deposits on pending sale of assets | 1,305 | 2,693 | |||||||
Accrued contingent litigation liabilities | 963 | 1,102 | |||||||
Other | 6,251 | 4,779 | |||||||
Total accrued liabilities | $ | 98,946 | $ | 106,451 | |||||
Deferred_Revenues
Deferred Revenues | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenues | ' | ||||||||
Deferred Revenues | |||||||||
The Company records deferred revenues for payments received or billed but not earned for various activities. | |||||||||
Deferred mini-vacations and sampler programs revenue—sold but unused trial VOIs. This revenue is recognized when the purchaser completes a stay at one of the Company’s resorts or the trial period expires, whichever is earlier. Such revenue is recorded as a reduction to Vacation Interest carrying cost in accordance with ASC 978 (with the exception of the Company’s European sampler product and a U.S. fixed-term product, which have a duration of between three and four years) and, as such, are treated as Vacation Interest sales revenue. | |||||||||
Deferred maintenance and reserve fee revenue—maintenance fees billed as of January first of each year and earned ratably over the year for the two resorts in St. Maarten where the Company functions as the HOA. In addition, the owners are billed for capital project assessments to repair and replace the amenities or to reserve the out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue, with an equal amount recognized as consolidated resort operations expense. | |||||||||
Club deferred revenue—annual membership fees in the Clubs billed to members (offset by an estimated uncollectible amount) and amortized ratably over a one-year period and optional reservation protection fees recognized over an approximate life of the member's reservation, which is generally six months on average. | |||||||||
Accrued guest deposits—amounts received from guests for future rentals recognized as revenue when earned. | |||||||||
Deferred revenue from an exchange company—unearned portion of a $5.0 million payment that the Company received in 2008 as consideration for granting the exclusive rights to Interval International to provide call center services and exchange services to the Company. In accordance with ASC 605-50, "Revenue Recognition — Customer Payments and Incentives," the $5.0 million will be recognized over the 10-year term of the agreements as a reduction of the costs incurred for the services provided by Interval International. | |||||||||
Deferred amenity fee revenue—amenity fees charged to VOI owners at a certain resort to cover costs associated | |||||||||
with the swimming pools, tennis courts and a golf course. These fees are billed annually and amortized ratably over the year. | |||||||||
Deferred management fee and allocation revenue—management fees and allocations paid in advance by the HOAs | |||||||||
to the Company for its role as the management company. The Company allocates a portion of its Vacation Interest carrying | |||||||||
costs, management and member services, consolidated resort operations, loan portfolio, and general and administrative | |||||||||
expenses to the HOAs. These advance payments are recorded as deferred revenue when they are received and recognized as | |||||||||
revenue during the period that they are earned. | |||||||||
Deferred revenues as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Deferred mini-vacation and sampler program revenue | $ | 50,292 | $ | 33,633 | |||||
Deferred maintenance and reserve fee revenue | 19,270 | 13,335 | |||||||
Club deferred revenue | 12,901 | 41,097 | |||||||
Accrued guest deposits | 3,544 | 2,100 | |||||||
Deferred revenue from an exchange company | 1,996 | 2,350 | |||||||
Deferred amenity fee revenue | 606 | — | |||||||
Deferred management fees and allocation revenue | 324 | 360 | |||||||
Other | 805 | 958 | |||||||
Total deferred revenues | $ | 89,738 | $ | 93,833 | |||||
Borrowings
Borrowings | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Borrowings | ' | ||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Senior Secured Notes. On August 13, 2010, DRC completed the issuance of $425.0 million of principal amount of Senior Secured Notes. The Senior Secured Notes carry an interest rate of 12.0% and were issued with an original issue discount of 2.5%, or $10.6 million. Interest payments are due in arrears on February 15 and August 15 of each year, commencing February 15, 2011. The Senior Secured Notes mature in August 2018 and may be redeemed by DRC at any time pursuant to the terms of the Senior Secured Notes. If DRC redeems, in whole or in part, the Senior Secured Notes prior to August 2014, the redemption price will be the face value of the Senior Secured Notes plus accrued and unpaid interest and an applicable premium. If DRC redeems all or part of the Senior Secured Notes on or after August 2014, the redemption price will be 106% of the face value of the Senior Secured Notes, subject to decreases over the next two years. | |||||||||||||||||||||
On August 23, 2013, DRC accepted for purchase its Senior Secured Notes in an aggregate principal amount of $50.6 million (the "Tender Offer") as required by the Notes Indenture in the event of an IPO. Holders who validly tendered their Notes received $1,120 per $1,000 principal amount of Notes, plus accrued and unpaid interest to (but excluding) the date of purchase. Senior Secured Notes in an aggregate principal amount of $374.4 million remain outstanding as of September 30, 2013 following the completion of the Tender Offer. | |||||||||||||||||||||
Conduit Facilities, 2009 Securitization, 2011 Securitization, 2013 Securitization and Tempus 2013 Notes. On November 3, 2008, the Company entered into agreements for its 2008 conduit facility ("Conduit Facility"), pursuant to which it issued secured VOI receivable-backed variable funding notes designated as Diamond Resorts Issuer 2008 LLC Variable Funding Notes in an aggregate principal amount not to exceed $215.4 million, which was decreased to $200.0 million, $73.4 million and $64.6 million on March 27, 2009, October 15, 2009 and August 31, 2010, respectively. On October 14, 2011, the Company entered into an amended and restated Conduit Facility agreement that extended the maturity date of the facility to April 12, 2013. The amendment provided for a $75.0 million, 18-month facility that was annually renewable for 364-day periods at the election of the lenders, bore interest at either LIBOR or the commercial paper rate (having a floor of 0.50%) plus 4.0%, and had a non-use fee of 0.75%. The advance rates on loans receivable in the portfolio were limited to 75% of the face value of the eligible loans. On April 11, 2013, the Company entered into another amended and restated Conduit Facility agreement that extended the maturity date of the facility to April 10, 2015. That amended and restated Conduit Facility provided for a $125.0 million, 24-month facility that is annually renewable for 364-day periods at the election of the lenders, bears interest at either LIBOR or the commercial paper rate (each having a floor of 0.50%) plus 3.25%, and has a non-use fee of 0.75%. The overall advance rate on loans receivable in the portfolio is limited to 85% of the aggregate face value of the eligible loans. On October 18, 2013, the Company entered into an amended and restated Conduit Facility agreement to temporarily increase the maximum facility balance under the Conduit Facility from $125.0 million to $180.0 million. See "Note 27—Subsequent Events" for additional detail. | |||||||||||||||||||||
On October 15, 2009, the Company completed the 2009 securitization transaction and issued two consumer loan backed notes designated as the Diamond Resorts Owner Trust ("DROT") 2009 Class A Notes and the DROT Series 2009 Class B Notes, (together, the "DROT 2009 Notes"). The DROT 2009 Class A Notes carried an interest rate of 9.3% and had an initial face value of $169.2 million. The DROT 2009 Class B Notes carried an interest rate of 12.0% and had an initial face value of $12.8 million. The DROT 2009 Notes had an original maturity date of March 20, 2026. The net proceeds received by the Company were $181.1 million compared to the $182.0 million face value and the Company recorded the $0.9 million difference as an original issue discount on the securitization notes payable. Also on October 15, 2009, the Company used the proceeds from the DROT 2009 Notes to pay down the $148.9 million then-outstanding principal balance under its Conduit Facility, along with requisite accrued interest and fees associated with both conduit facilities. On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes at an aggregate redemption price of $24.4 million and $1.8 million, respectively, by using proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
On April 27, 2011, the Company completed a securitization transaction and issued the DROT 2011 Notes with a face value of $64.5 million ("DROT 2011 Notes"). The DROT 2011 Notes mature on March 20, 2023 and carry an interest rate of 4.0%. The net proceeds were used to pay off in full the $36.4 million then-outstanding principal balance under the Conduit Facility, to pay down approximately $7.0 million of the Quorum Facility (see definition below), to pay requisite accrued interest and fees associated with both facilities, and to pay certain expenses incurred in connection with the issuance of the DROT 2011 Notes, including the funding of a reserve account required thereby. | |||||||||||||||||||||
On January 23, 2013, the Company completed a securitization transaction and issued the DROT Series 2013-1 Class A and B Notes with a face value of $93.6 million (the "DROT 2013 Notes"). The DROT 2013 Notes mature on January 20, 2025 and carry a weighted average interest rate of 2.0%. The net proceeds were used to pay off the $71.3 million then-outstanding principal balance under the Conduit Facility and to pay expenses incurred in connection with the issuance of the DROT 2013 Notes, including the funding of a reserve account required thereby. | |||||||||||||||||||||
On September 20, 2013, the Company completed a securitization transaction and issued the Diamond Resorts Tempus Owner Trust 2013 Notes with a face value of $31.0 million (the "Tempus 2013 Notes"). The notes bear interest at a rate of 6.0% per annum and mature on December 20, 2023. The proceeds from the Tempus 2013 Notes were used to pay off in full the then-outstanding principal balances and accrued interest and fees under the Tempus Receivables Loan and Notes Payable—RFA fees. | |||||||||||||||||||||
Quorum Facility. The Company's subsidiary, DRI Quorum, entered into a Loan Sale and Servicing Agreement (the "LSSA"), dated as of April 30, 2010 (as amended and restated, the “Quorum Facility”) with Quorum Federal Credit Union ("Quorum") as purchaser. The LSSA and related documents provide for an aggregate minimum $40.0 million loan sale facility and joint marketing venture where DRI Quorum may sell eligible consumer loans and in-transit loans to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The joint marketing venture has a minimum term of two years, and the LSSA provides for a purchase period of two years. The purchase price payment and the program purchase fee are each determined at the time that the loan is sold to Quorum. To the extent excess funds remain after payment of the sold loans at Quorum’s purchase price, such excess funds are required to be remitted to the Company as a deferred purchase price payment. This transaction did not qualify as a loan sale under U.S. GAAP. The LSSA was amended on April 27, 2012 to increase the aggregate minimum committed amount of the Quorum Facility to $60.0 million. The LSSA was further amended and restated effective as of December 31, 2012 to increase the aggregate minimum committed amount to $80.0 million and to extend the term of the agreement to December 31, 2015; provided that Quorum may further extend the term for additional one-year periods by written notice. As of September 30, 2013, the weighted average purchase price payment was 89.7% of the obligor loan amount and the weighted average program purchase fee was 5.9%. | |||||||||||||||||||||
ILXA Receivables Loan and Inventory Loan. On August 31, 2010, the Company completed the ILX Acquisition through its wholly-owned subsidiary, ILXA. In connection with the ILX Acquisition, ILXA entered into an Inventory Loan and Security Agreement ("ILXA Inventory Loan") and a Receivables Loan and Security Agreement ("ILXA Receivables Loan") with Textron Financial Corporation. The ILXA Inventory Loan is a non-revolving credit facility in the maximum principal amount of $23.0 million at an interest rate of 7.5%. The ILXA Receivables Loan is a receivables facility with an initial principal amount of $11.9 million at an interest rate of 10.0% and is collateralized by mortgages and contracts receivable of ILXA. Both loans mature on August 31, 2015. ILXA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Tempus Acquisition Loan and Tempus Resorts Acquisition Financing. On July 1, 2011, the Company completed the Tempus Resorts Acquisition through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which included affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor, and Silver Rock Financial LLC, which is an affiliate of an investor in the Company (the “Tempus Acquisition Loan”). The Tempus Acquisition Loan was collateralized by all assets of Tempus Acquisition, LLC. The Tempus Acquisition Loan was initially in an aggregate principal amount of $41.1 million (which included a $5.5 million revolving loan). The Tempus Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was to be paid, at Tempus Acquisition, LLC's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on June 30, 2015. In addition, Tempus Acquisition, LLC paid a 2.0% closing fee based on the initial Tempus Acquisition Loan balance as of July 1, 2011 and was also required to make an exit fee payment for up to 10% of the initial Tempus Acquisition Loan balance upon the final payment in full of the outstanding balance under the loan. Tempus Acquisition, LLC was required to make principal prepayments equal to (i) on a monthly basis, 40% of the aggregate interval purchase price received by Mystic Dunes, LLC in the prior month, (ii) within one business day of receipt, net participation proceeds payments less amounts attributable to interest paid, generated by Tempus Acquisition, LLC's acquisition of a participating interest in the Tempus Receivables Loan, (iii) 100% of excess cash flow from the Tempus Resorts Acquisition and the Aegean Blue Acquisition, commencing with the quarter ending December 31, 2012, and (iv) $0.3 million, payable monthly, commencing in January 2013. Within 30 days after the end of each calendar year commencing with calendar year 2012, Tempus Acquisition, LLC was also required to make an additional prepayment in an amount equal to the difference between the aggregate principal prepayments paid in the calendar year and $5.0 million, such that a minimum of $5.0 million in aggregate annual principal reductions were made. On September 28, 2012, Tempus Acquisition, LLC amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loans. On October 4, 2012, Tempus Acquisition, LLC further amended the Loan and Security Agreement to provide an additional $6.6 million borrowing under the term loans to fund the Aegean Blue Acquisition. The Tempus Acquisition Loan was further amended on November 20, 2012 and December 31, 2012 to increase the term loans by $2.5 million and $5.0 million respectively, to pay separation payments to principals of the Mystic Dunes resorts, and to fund guaranties and indemnities required to be paid to Mystic Dunes, LLC's HOAs. Some of the investment advisory clients of Wellington Management Company, LLP ("Wellington Management Investors") also became lenders under this credit facility in connection with the December 2012 amendment to the Tempus Acquisition Loan. | |||||||||||||||||||||
An aggregate of $7.5 million of the Tempus Acquisition Loan was used by Tempus Acquisition, LLC to purchase a 10% participating interest in the Tempus Receivables Loan, and the remaining proceeds were loaned to Mystic Dunes, LLC pursuant to a Loan and Security Agreement having payment terms identical to the Tempus Acquisition Loan (the "Mystic Dunes Loan"). The Mystic Dunes Loan was collateralized by all assets of Mystic Dunes, LLC. The proceeds of the Mystic Dunes Loan were used to pay off certain existing indebtedness and closing costs associated with the Tempus Resorts Acquisition. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan in the amount of $46.7 million, along with $0.6 million in accrued interest and $2.7 million in exit fees and other fees, using the proceeds from the IPO. In addition, the Mystic Dunes Loan was paid off in full. | |||||||||||||||||||||
On July 1, 2011, Mystic Dunes Receivables, LLC, a subsidiary of Mystic Dunes, LLC, entered into a Loan and Security Agreement with Resort Finance America, LLC (the "Tempus Receivables Loan"). The Tempus Receivables Loan was a receivables credit facility in the amount of $74.5 million, collateralized by mortgages and contracts receivable acquired in the Tempus Resorts Acquisition. All cash flows received from customer payments, including principal, interest and miscellaneous fees (net of contractual servicing costs) were used to pay the principal and accrued interest balances on the Tempus Receivables Loan. In addition, Mystic Dunes Receivables, LLC was required to make additional principal payments in the event the aging status of the receivables in the underlying portfolio did not meet certain requirements. During the nine months ended September 30, 2013 and 2012, Mystic Dunes, LLC made additional principal payments of $0.3 million and $0.1 million, respectively, pursuant to this requirement. The Tempus Receivables Loan bore interest at a rate that was the higher of (i) one-month LIBOR plus 7.0% or (ii) 10%, adjusted monthly, and was scheduled to mature on July 1, 2015. Furthermore, the Company was obligated to pay Resort Finance America, LLC an initial defaulted timeshare loans release fee over 36 months from August 2011 through July 2014 ("Notes Payable—RFA fees"). The fee was recorded at fair value as of July 1, 2011 using a discount rate of 10.0%. | |||||||||||||||||||||
On September 20, 2013, the Tempus Receivables Loan and Notes Payable—RFA fees were paid off in full using the proceeds from the Tempus 2013 Notes. | |||||||||||||||||||||
On July 1, 2011, another subsidiary of Mystic Dunes, LLC entered into an Amended and Restated Inventory Loan and Security Agreement with Textron Financial Corporation (the “Tempus Inventory Loan”) in the maximum amount of $4.3 million, collateralized by certain VOI inventory acquired in the Tempus Resorts Acquisition. The Tempus Inventory Loan bears interest at a rate equal to the three-month LIBOR (with a floor of 2.0%) plus 5.5% and matures on June 30, 2016, subject to extension to June 30, 2018. The Tempus Acquisition Loan, the Mystic Dunes Loan, the Tempus Receivables Loan and the Tempus Inventory Loan are sometimes collectively referred to as the "Tempus Loans." | |||||||||||||||||||||
Tempus Acquisition, LLC, Mystic Dunes, LLC and each of their respective wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
PMR Acquisition Loan and Inventory Loan. On May 21, 2012, DPMA completed the PMR Acquisition whereby it acquired assets pursuant to an Asset Purchase Agreement, among DPMA and Pacific Monarch Resorts, Inc., Vacation Interval Realty, Inc., Vacation Marketing Group, Inc., MGV Cabo, LLC, Desarrollo Cabo Azul, S. de R.L. de C.V., and Operadora MGVM S. de R.L. de C.V. Pursuant to the Asset Purchase Agreement, DPMA acquired four resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portion of the seller's consumer loans portfolio and certain real property and other assets, for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. | |||||||||||||||||||||
In order to fund the PMR Acquisition, on May 21, 2012, DPMA entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor; Wellington Management Company, LLP, including some of the Wellington Management Investors; and Silver Rock Financial LLC, which is an affiliate of an investor in the Company (the “PMR Acquisition Loan”). The PMR Acquisition Loan was collateralized by substantially all of the assets of DPMA. The PMR Acquisition Loan was initially in an aggregate principal amount of $71.3 million (consisting of a $61.3 million term loan and a $10.0 million revolving loan). The PMR Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was paid, at DPMA's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on May 21, 2016. | |||||||||||||||||||||
The PMR Acquisition Loan provided that, (i) DPMA was required to pay quarterly (a) to the administrative agent, for its own account, an administration fee, and (b) to Guggenheim Corporate Funding, LLC, for the benefit of the lenders with commitments to make revolving loans there under, an unused line fee based upon each such lender's commitment to provide revolving loans and the then outstanding principal amount of such lender's revolving loan, (ii) DPMA was required to make certain mandatory monthly and quarterly prepayments of amounts borrowed under the PMR Acquisition Loan, and (iii) on the maturity date for the term loan, if not paid earlier in accordance therewith, DPMA was required to pay an exit fee of up to 10.0% of the initial loan amount. On the closing date for the PMR Acquisition, pursuant to the PMR Acquisition Loan, DPMA paid a closing fee of approximately $2.1 million to the administrative agent and certain lenders party thereto. The proceeds of the PMR Acquisition Loan were used to fund the purchase price for the PMR Acquisition and the associated closing costs. | |||||||||||||||||||||
On September 28, 2012, DPMA amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loan. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the PMR Acquisition Loan in the amount of $58.3 million, along with $0.8 million in accrued interest and $3.1 million in exit fees and other fees, using the proceeds from the IPO. | |||||||||||||||||||||
On May 21, 2012, DPMA also entered into an Inventory Loan and Security Agreement (the "DPM Inventory Loan") with RFA PMR LoanCo, LLC. The DPM Inventory Loan provides debt financing for a portion of the purchase price of the defaulted receivables to be purchased by DPMA pursuant to a collateral recovery and repurchase agreement entered into between DPMA and an affiliate of RFA PMR LoanCo, LLC in connection with the PMR Acquisition. The interest rate is a variable rate equal to the sum of LIBOR plus 6.0% per annum; provided that LIBOR is never less than 2.0% or greater than 4.0% per annum. | |||||||||||||||||||||
DPMA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Revolving Credit Facility. On September 11, 2013, the Company entered into a $25.0 million revolving credit facility with Credit Suisse AG, acting as administrative agent for a group of lenders (the “Revolving Credit Facility”). The Revolving Credit Facility provides that, subject to customary borrowing conditions, the Company may, from time to time prior to the fourth anniversary of the effective date of the Revolving Credit Facility, borrow, repay and re-borrow loans in an aggregate amount outstanding at any time not to exceed $25.0 million, and borrowings under the Revolving Credit Facility will bear interest, at the Company's option, at a variable rate equal to the sum of LIBOR plus 4.0% per annum or an adjusted base rate plus 3% per annum. The Revolving Credit Facility is subject to negative covenants generally consistent with the negative covenants applicable to the Senior Secured Notes. The repayment of borrowings and certain other obligations under the Revolving Credit Facility are secured on a pari passu basis by the collateral that secures the Senior Secured Notes. On October 25, 2013, the Company paid off in full the $15.0 million then-outstanding principal balance under the Revolving Credit Facility using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
Island One Borrowings. In connection with the Island One Acquisition completed on July 24, 2013, the Company assumed the loan sale agreement entered into on January 31, 2012 with Quorum that provides for an aggregate minimum $15.0 million loan sale facility (the "Island One Quorum Funding Facility"). Under the Island One Quorum Funding Facility, eligible consumer loans and in-transit loans are sold to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The Island One Quorum Funding Facility provides for a purchase period of three years at a variable program fee of the published Wall Street Journal prime rate plus 6.0% with a floor of 8.0%. The loan purchase commitment is conditional upon certain portfolio delinquency and default performance measurements. | |||||||||||||||||||||
In addition, the Company assumed a mortgage-backed loan (the "Island One Receivables Loan") that bore interest at the published Wall Street Journal prime rate plus 5.5% with a floor of 7.0%. The Island One Receivables Loan was scheduled to mature on May 27, 2016 and was collateralized by certain consumer loan portfolios. The advance rates on loans receivable in the portfolio were limited to 70.0% to 90.0% of the face value of the eligible loans depending upon the credit quality of the underlying mortgages. The Island One Receivables Loan was subject to certain financial covenants, including a minimum tangible net worth and a maximum debt to tangible net worth ratio. On October 28, 2013, the Company paid off in full the then-outstanding principal balance under the Island One Receivables Loan in an amount equal to $4.1 million using the Company's general corporate funds. | |||||||||||||||||||||
Furthermore, the Company assumed a conduit facility that matures on September 30, 2016 (the "Island One Conduit Facility"). The Island One Conduit Facility bears interest at a rate of 7.4% per annum, is secured by certain consumer loan portfolios and is guaranteed by Island One, Inc. The Company is required to make mandatory monthly principal payments based upon the aggregate remaining outstanding principal balance of the eligible underlying collateral. Under the terms of the Island One Conduit Facility, the Company may, subject to certain limitations, repurchase defaulted receivables or make additional principal payments. | |||||||||||||||||||||
The Company also assumed a note payable secured by certain real property in Orlando, Florida (the "Island One Note Payable"). The loan bears interest at 5.0% per annum and requires monthly principal and interest payments, with the final balloon payment due May 27, 2016. | |||||||||||||||||||||
Notes Payable. The Company finances premiums on certain insurance policies under unsecured notes. These unsecured notes will mature in December 2013 and February 2014, and each carries an interest rate of 3.2% per annum. In addition, the Company purchased certain software licenses during the year ended December 31, 2012, with monthly interest-free payments due for the next two years, and this obligation was recorded at fair value using a discount rate of 5.7%. | |||||||||||||||||||||
The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Secured Notes | $ | 374,440 | 12.00% | 8/15/18 | $ | — | $ | — | $ | 425,000 | |||||||||||
Original issue discount related to Senior Secured Notes | (6,798 | ) | — | — | (8,509 | ) | |||||||||||||||
Revolving Credit Facility | 15,000 | 4.20% | 9/11/17 | — | 10,000 | — | |||||||||||||||
Notes payable-insurance policies (2) | 2,303 | 3.20% | Various | — | — | 2,366 | |||||||||||||||
Island One Note Payable (2) | 696 | 5.00% | 5/27/16 | — | — | — | |||||||||||||||
Notes payable-other (2) | 348 | 5.60% | Various | — | — | 872 | |||||||||||||||
Total Corporate Indebtedness | 385,989 | — | 10,000 | 419,729 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | 12,256 | 7.50% | 8/31/15 | — | — | 15,939 | |||||||||||||||
DPM Inventory Loan (1)(2)(3) | 4,786 | 8.00% | Various | — | — | 1,267 | |||||||||||||||
Tempus Inventory Loan (1)(2)(3) | 2,464 | 7.50% | 6/30/16 | — | — | 2,992 | |||||||||||||||
Notes payable-other (1)(2)(3) | 13 | —% | 11/18/15 | — | — | 18 | |||||||||||||||
PMR Acquisition Loan (1)(2)(3)(4) | — | — | — | 62,211 | |||||||||||||||||
Tempus Acquisition Loan (1)(2)(3)(4) | — | — | — | 50,846 | |||||||||||||||||
Note Payable-RFA fees (1)(2)(3) | — | — | — | 1,395 | |||||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 19,519 | — | — | 134,668 | |||||||||||||||||
Conduit Facility (1) | 104,970 | 3.80% | 4/10/15 | 116,167 | 20,030 | -5 | 75,000 | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-1 (1) | 69,231 | 2.00% | 1/20/25 | 71,949 | — | — | |||||||||||||||
Quorum Facility (1) | 56,098 | 5.90% | 12/31/15 | 59,368 | 23,902 | -5 | 52,417 | ||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 30,990 | 6.00% | 12/20/23 | 35,802 | — | — | |||||||||||||||
Diamond Resorts Owner Trust Series 2009-1 (1) | 28,665 | 9.50% | 3/20/26 | 69,000 | — | 50,025 | |||||||||||||||
Original issue discount related to Diamond | (269 | ) | — | — | (441 | ) | |||||||||||||||
Resorts Owner Trust Series 2009-1 | |||||||||||||||||||||
Diamond Resorts Owner Trust Series 2011-1 (1) | 27,156 | 4.00% | 3/20/23 | 27,662 | — | 36,849 | |||||||||||||||
Original issue discount related to Diamond | (246 | ) | — | — | (312 | ) | |||||||||||||||
Resorts Owner Trust Series 2011-1 | |||||||||||||||||||||
ILXA Receivables Loan (1)(3) | 4,985 | 10.00% | 8/31/15 | 2,691 | — | 5,832 | |||||||||||||||
Island One Quorum Funding Facility (1) | 4,270 | 8.00% | 1/30/15 | 5,010 | — | — | |||||||||||||||
Island One Receivables Loan (1) | 4,105 | 7.00% | 5/24/16 | 5,761 | — | — | |||||||||||||||
Island One Conduit Facility (1) | 107 | 7.40% | 9/30/16 | 908 | — | — | |||||||||||||||
Tempus Receivables Loan (1)(3) | — | — | — | 44,027 | |||||||||||||||||
Payments in transit (1)(3) | — | — | — | (1,150 | ) | ||||||||||||||||
10% participation interest (Tempus Acquisition, LLC) (1)(3) | — | — | — | (5,945 | ) | ||||||||||||||||
Total Securitization Notes and Funding Facilities | 330,062 | 394,318 | 43,932 | 256,302 | |||||||||||||||||
Total | $ | 735,570 | $ | 394,318 | $ | 53,932 | $ | 810,699 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) Borrowing from lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor | |||||||||||||||||||||
(5) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. | |||||||||||||||||||||
Borrowing Restrictions and Limitations | |||||||||||||||||||||
All of the Company’s borrowing under the Senior Secured Notes, securitization notes, the Conduit Facility and the Revolving Credit Facility contain various restrictions and limitations that may affect the Company's business and affairs. These include, but are not limited to, restrictions and limitations relating to its ability to incur indebtedness and other obligations, to make investments and acquisitions and to pay dividends. The Company is also required to maintain certain financial ratios and comply with other financial and performance covenants. The failure of the Company to comply with any of these provisions, or to pay its obligations, could result in foreclosure by the lenders of their security interests in the Company’s assets, and could otherwise have a material adverse effect on the Company. The Company was in compliance with all of the financial covenants as of September 30, 2013. | |||||||||||||||||||||
Liquidity | |||||||||||||||||||||
Historically, the Company has depended on the availability of credit to finance the consumer loans that it provides to its customers for the purchase of their VOIs. Typically, these loans require a minimum cash down payment of 10% of the purchase price at the time of sale. However, selling, marketing and administrative expenses attributable to VOI sales are primarily cash expenses and often exceed the buyer's minimum down payment requirement. Accordingly, the availability of financing facilities for the sale or pledge of these receivables to generate liquidity is a critical factor in the Company's ability to meet its short-term and long-term cash needs. The Company has historically relied upon its ability to sell receivables in the securitization market in order to generate liquidity and create capacity on its conduit facilities and Quorum Facility (together referred to as "Funding Facilities"). |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The income tax provision for the three months and nine months ended September 30, 2013 and 2012 was determined based on pre-tax book income (loss) (adjusted for book-tax differences) for those periods. However, because the Company included, prior to the Reorganization Transactions, U.S. entities not taxed at the corporate level, non-U.S. disregarded entities, differences in tax rates between the U.S. and foreign jurisdictions, valuation allowances on its foreign and domestic net operating losses and other deferred tax assets, and foreign currency and rate change adjustments in calculating its income tax provision, the Company's estimated effective tax rate, for the periods presented, differs significantly from the federal statutory rate of 35%. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Lease Agreements | |
The Company conducts a significant portion of its operations from leased facilities, which include regional and global administrative facilities as well as off-premise booths and tour centers near active sales centers. The longest of these obligations extends into 2019. Many of these agreements have renewal options, subject to adjustments for inflation. In most cases, the Company expects that in the normal course of business, such leases will be renewed or replaced by other leases. Typically, these leases call for a minimum lease payment that increases over the life of the agreement by a fixed percentage or an amount based upon the change in a designated index. All of the facilities lease agreements are classified as operating leases. | |
In addition, the Company leases office and other equipment under both long-term and short-term lease arrangements, which are generally classified as operating leases. | |
Purchase Obligations | |
The Company has entered into various purchase obligations relating to sales center remodeling, property amenity improvement and corporate office expansion projects. The total remaining commitment was $2.3 million as of September 30, 2013. | |
Litigation and Other | |
From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. | |
FLRX Litigation | |
One of the Company's subsidiaries, FLRX, Inc. ("FLRX"), is a defendant in a lawsuit originally filed in July 2003, alleging the breach of certain contractual terms relating to the obligations under a stock purchase agreement for the acquisition of FLRX in 1998, as well as certain violations under applicable consumer protection acts. FLRX currently conducts no operations and has no material assets other than an indirect interest in two undeveloped real estate parcels in Mexico. In January 2010, following a jury trial, a Washington state court entered a judgment against FLRX, awarded plaintiffs damages of $30.0 million plus post-judgment interest at a rate of 12% per annum and attorneys' fees of approximately $1.5 million plus accrued interest, and ordered specific performance of certain ongoing contractual obligations pursuant to the breach of contract claim. | |
FLRX appealed the verdict. On November 14, 2011, the Company received notice that the Court of Appeals for the State of Washington affirmed the lower court decision upholding the judgment against FLRX. On February 27, 2012, FLRX filed a petition for review with the Washington State Supreme Court. On June 6, 2012, the petition was denied. Any liability in this matter is not covered by insurance. Neither DRC nor any of its other subsidiaries is party to this lawsuit. Sunterra was originally named as a defendant in this matter, but it was later dismissed from the case. It is possible that FLRX may at some point determine to file for protection under the Federal Bankruptcy Code. | |
In April 2012, the plaintiffs in the FLRX case filed a lawsuit in King County Superior Court in the State of Washington against DRP and DRC. The complaint, which alleges two claims for alter ego and fraudulent conveyance, seeks to hold DRP and DRC liable for the judgment entered against FLRX. Plaintiffs claim that the defendants manipulated the corporate form of FLRX and caused fraudulent transfers of assets from FLRX. | |
On May 18, 2012, the case was removed to the U.S. District Court for the Western District of Washington, Case No. 2:12-cv-00870. On August 29, 2012, DRC filed an answer to the complaint, denying all material allegations therein and raising various affirmative defenses. On September 24, 2012, the court entered an order dismissing DRP. The court has set the case for trial on December 3, 2013. DRC has filed a motion for summary judgment. The court has not yet ruled on that motion. | |
Although the Company believes that it will not have any material liability when these matters are ultimately resolved, there can be no assurance that this will be the case. As of September 30, 2013 the Company had an estimated litigation accrual of $0.9 million in accrued liabilities in the accompanying condensed consolidated balance sheet, which represents the write-down of FLRX’s investment in subsidiaries to $0. Legal fees associated with these cases are expensed as incurred. | |
St. Maarten Litigation | |
In December 2004 and January 2005, two separate cases were filed in the Joint Court of Justice of the Netherlands Antilles against AKGI St. Maarten NV ("AKGI"), one of the Company's subsidiaries, challenging AKGI's title to seven whole ownership units at the Royal Palm Resort, and alleging the breach of certain agreements that existed prior to AKGI's acquisition of the resort. AKGI purchased the resort at auction in 1995. Each claimant alleges that, between 1989 and 1991, he purchased certain units from the prior owner of Royal Palm Resort, and that he holds in perpetuity, legal title to, or a leasehold interest in, these respective units and is entitled to a refund of the purchase price and an annual 12% return on the purchase price (which totaled $1.2 million in one case and $1.3 million in the other case). Due to the nature of the AKGI purchase and the underlying St. Maarten laws, the Company believes that the obligations to the claimants would only be enforceable if the agreement between the claimant and AKGI's predecessor was either a timeshare agreement or a lease agreement. AKGI has answered that the claimants' agreements were, in fact, investment contracts, and are therefore not enforceable under St. Maarten law. In February 2011, the case that was pending in the highest and final court of appeal was dismissed as to all claims, with the Company having no obligations, financial or otherwise, to claimant. The other case is currently pending in the intermediate court of appeal. A lien has been placed on AKGI's interest in the Royal Palm Resort while the remaining action is pending. | |
Hawaii Water Intrusion Assessment and Litigation | |
In October 2011, the HOA of one of the Company's managed resorts in Hawaii levied a $65.8 million water intrusion assessment to the owners of that resort, of which $9.7 million was assessed to the Company. During the quarter ended December 31, 2011, the Company's portion of the water intrusion assessment was recorded as Vacation Interest carrying cost, net, in the accompanying condensed consolidated statements of operations and comprehensive income (loss) with a corresponding increase to due to related parties, net, in the accompanying condensed consolidated balance sheet. The proceeds of this assessment are being used to repair the water intrusion damage at the resort. In April 2012, the Company was named as a defendant in a putative class action pending in the District Court for the District of Hawaii. The action, brought by five deeded owners and members of one of the Collections managed by the Company, alleges breaches of fiduciary duty and unfair and deceptive trade practices against the Company and certain of its officers and employees and seeks, among other things, to invalidate the water intrusion assessment and enjoin the water intrusion project. In November, 2012, the Company reached an agreement with the named plaintiffs and their counsel to settle the litigation in full, which settlement agreement was approved by the court in May 2013 and has now become final. The settlement did not have a material impact on the Company's financial condition or results of operations. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
ote 18 — Fair Value Measurements | |||||||||||||||||
ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | |||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | ||||||||||||||||
• | Level 3: Unobservable inputs used when little or no market data is available. | ||||||||||||||||
As of September 30, 2013, the only assets and liabilities of the Company measured at fair value on a recurring basis were its derivative instruments, which consisted of the July 2013 Swap Agreement and the August 2013 Swap Agreement. The July 2013 Swap Agreement and the August 2013 Swap Agreement had an aggregate fair value of $0.7 million based on valuation reports provided by counterparties and were classified as Level 3, based on the fact that the credit risk data used for the valuation is not directly observable and cannot be corroborated by observable market data. The Company’s assessment of the significant inputs to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See "Note 3—Concentrations of Risk" for further detail on these swap agreements. As of December 31, 2012, the Company's derivative instruments were the 2010 Cap Agreement and the 2012 Cap Agreements, which had fair values of $0 based on valuation reports provided by counterparties. | |||||||||||||||||
As of September 30, 2013, mortgages and contracts receivable had a balance of $377.5 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjusts the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at September 30, 2013. These financial assets were classified as Level 3 as there is little market data available. | |||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of September 30, 2013 based on a quoted price of 111.0 on a restricted bond market, as they were not actively traded on the open market. | |||||||||||||||||
As of September 30, 2013, the Company’s Conduit Facility, DROT 2009 Notes, DROT 2011 Notes, DROT 2013 Notes and the Tempus 2013 Notes were classified as Level 2. The fair value of the DROT 2009 Notes, DROT 2011 Notes and DROT 2013 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. The Company believes the fair value of the Conduit Facility and the Tempus 2013 Notes approximated their carrying value due to the fact that they were recently amended and, therefore, measured using other significant observable inputs including the current refinancing activities. | |||||||||||||||||
As of September 30, 2013, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Inventory Loan, the DPM Inventory Loan, the Island One Receivables Loan, the Island One Quorum Funding Facility and the Island One Conduit Facility were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | |||||||||||||||||
As of September 30, 2013, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | |||||||||||||||||
As of December 31, 2012, mortgages and contracts receivable had a balance of $312.9 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjust the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2012. These financial assets are classified as Level 3 as there is little market data available. | |||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2012 based on a quoted price of 109.0 on a restricted bond market, as they were not actively traded on the open market. | |||||||||||||||||
As of December 31, 2012, the Company’s Conduit Facility, DROT 2009 Notes and DROT 2011 Notes were classified as Level 2. The Company believes the fair value of the Conduit Facility approximated its carrying value due to the fact that it was recently amended and was, therefore, measured using other significant observable inputs, including the current refinancing activities. The fair value of the DROT 2009 Notes and DROT 2011 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. | |||||||||||||||||
As of December 31, 2012, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Acquisition Loan, the Tempus Receivables Loan, the Tempus Inventory Loan, the PMR Acquisition Loan and the DPM Inventory Loan were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | |||||||||||||||||
As of December 31, 2012, the Company believes the fair value of the borrowings under Notes Payable—RFA fees approximated its carrying value as the carrying value represents the net present value of all future payments using an imputed interest rate of 10.0%. | |||||||||||||||||
As of December 31, 2012, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | |||||||||||||||||
In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. | |||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of September 30, 2013 were as follows (in thousands): | |||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Mortgages and contracts receivable, net | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | |||||||||
Total assets | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | |||||||||
Liabilities: | |||||||||||||||||
Revolving Credit Facility | $ | 15,000 | $ | 15,000 | $ | 15,000 | $ | — | |||||||||
Senior Secured Notes, net | 367,642 | 415,628 | 415,628 | — | |||||||||||||
Securitization notes and Funding Facilities, net | 330,062 | 332,891 | 332,891 | — | |||||||||||||
Notes payable | 22,866 | 22,670 | 22,670 | — | |||||||||||||
Total liabilities | $ | 735,570 | $ | 786,189 | $ | 786,189 | $ | — | |||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | |||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||
Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||
Liabilities: | |||||||||||||||||
Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | |||||||||
Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | |||||||||||||
Notes payable | 137,906 | 137,769 | 137,769 | — | |||||||||||||
Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | |||||||||
Common_and_Preferred_Units
Common and Preferred Units | 6 Months Ended |
Jun. 30, 2013 | |
Equity [Abstract] | ' |
Common and Preferred Units | ' |
Tempus Warrant (June 2011) | |
In connection with the funding of the Tempus Acquisition Loan pursuant to the Loan and Security Agreement, dated as of June 30, 2011, among Tempus Acquisition, LLC, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the Tempus Resorts Acquisition, DRP issued a warrant (the “Tempus Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between DRP and Guggenheim Corporate Funding, LLC. The Tempus Warrant was scheduled to vest and become exercisable, subject to the provisions of the Tempus Warrant described below, upon the sixty-first day (the “Tempus Warrant Exercise Date”) following, among other things, an initial underwritten public offering of the common stock of DRC or of any successor corporation of DRP ("DRP Successor"), a payment default by Tempus Acquisition, LLC (after expiration of applicable grace and care periods) under the Tempus Acquisition Loan, or a sale of DRP or DRC (in any such case, a "Tempus Warrant Triggering Event"). Following a Tempus Warrant Triggering Event, the Tempus Warrant would become exercisable on the Tempus Warrant Exercise Date as to an aggregate percentage of the fully-diluted outstanding common equity of DRP equal to the quotient of (i) the dollar amount by which the actual total repayments of principal on the Tempus Acquisition Loan from the date of the Tempus Warrant through the day immediately preceding the Tempus Warrant Exercise Date was less than a certain benchmark amount (the “Tempus Benchmark Amount”) as determined pursuant to the terms of the Tempus Warrant, divided by (ii) the fair market value of the common equity of DRP as determined pursuant to the terms of the Tempus Warrant. The purchase price for each common unit of DRP issuable upon exercise of the Tempus Warrant was $0.0001 per common unit. During the 60-day period following a Tempus Warrant Triggering Event, DRP or the DRP Successor, as applicable, had the option to purchase the Tempus Warrant from the holder for a cash payment equal to the Tempus Benchmark Amount, less any cash payments made on the Tempus Acquisition Loan from the date of the Tempus Warrant through the date of such Tempus Warrant Triggering Event. In connection with the Company's payoff of the Tempus Acquisition Loan in full on July 24, 2013, the Tempus Warrant was canceled for no consideration consistent with the terms of the Tempus Acquisition Loan and Security Agreement. See "Note 15—Borrowings" for further detail. | |
PMR Warrant (May 2012) | |
In connection with the funding of the PMR Acquisition Loan pursuant to the Loan and Security Agreement, dated as of May 21, 2012, among DPMA, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the PMR Acquisition, DRP issued a warrant (the “PMR Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between DRP and Guggenheim Corporate Funding, LLC. The PMR Warrant was scheduled to vest and become exercisable, subject to the provisions of the PMR Warrant described below, upon the sixty-first day (the “PMR Warrant Exercise Date”) following, among other things, an initial underwritten public offering of the common stock of DRC or of any DRP Successor, a payment default by DPMA (after expiration of applicable grace and care periods) under the PMR Acquisition Loan, or a sale of DRP or DRC (a "PMR Warrant Triggering Event"). Following a PMR Warrant Triggering Event, the PMR Warrant would become exercisable on the PMR Warrant Exercise Date as to an aggregate percentage of the fully-diluted outstanding common equity of DRP equal to the quotient of (i) the dollar amount by which the actual total repayments of principal on the PMR Acquisition Loan from the date of the PMR Warrant through the day immediately preceding the PMR Warrant Exercise Date was less than a certain benchmark amount (the “PMR Benchmark Amount”) as determined pursuant to the terms of the PMR Warrant, divided by (ii) the fair market value of the common equity of DRP as determined pursuant to the terms of the PMR Warrant. The purchase price for each common unit of the Company issuable upon exercise of the PMR Warrant was $0.0001 per common unit. During the 60-day period following a PMR Warrant Triggering Event, DRP or the DRP Successor, as applicable, had the option to purchase the PMR Warrant from the holder for a cash payment equal to the PMR Benchmark Amount, less any cash payments made on the PMR Acquisition Loan from the date of the PMR Warrant through the date of such PMR Warrant Triggering Event. In connection with the Company's payoff of the PMR Acquisition Loan in full on July 24, 2013, the PMR Warrant was canceled for no consideration consistent with the terms of the PMR Acquisition Loan and Security Agreement. See "Note 15—Borrowings" for further detail. | |
Issuance of Class B Common Units and Stock-Based Compensation (October 2012) | |
On October 15, 2012, the Company established the Diamond Resorts Parent, LLC 2012 Equity Incentive Plan (the "2012 Plan"), which authorized awards of 112.2 restricted Class B common units ("BCUs"). Of the 112.2 authorized awards, 103.8 awards were issued to participants in the 2012 Plan. The BCUs represented a fractional part of the interest in the profits, losses and distributions, but not the capital, of the Company and were non-voting and subject to certain restrictive covenants. | |
On the same date in October 2012, to mitigate the dilutive effect of the July 2011 recapitalization transaction on Messrs. Cloobeck, Palmer and Kraff, the Company issued 66.3 BCUs under the 2012 Plan to Messrs. Cloobeck, Palmer and Kraff for no cash consideration. These BCUs were 100% vested as of the issuance date. Also on that date, the Company granted BCUs pursuant to the 2012 Plan to Messrs. Bentley and Lanznar and two other participants in the 2012 Plan for no cash consideration, in connection with their provision of services to the Company. These BCUs were also 100% vested on the grant date; however, because these BCUs were tied to service to the Company, they were subject to forfeiture if the grantee’s employment with the Company was terminated for cause and subject to repurchase by the Company (at its option) if the grantee’s employment with the Company was terminated for any reason other than termination by the Company for cause. The BCUs were not entitled to any distributions nor did they have any fair value unless and until the cumulative amount distributed to holders of the Company common units other than BCUs was at least equal to a specified amount. See "Pro Forma Information—IPO-Related Transactions (July 2013)" below for more information on the exchange of the Company BCUs for shares of common stock of the Company. | |
The Company measured compensation expense related to the BCUs at fair value on the issuance date and recognized this expense in the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2012, the Company recognized $3.3 million in such compensation expense based on a weighted-average grant-date fair value of $32,008 per unit. | |
IPO-Related Equity Transactions (July 2013) | |
Immediately prior to the consummation of the IPO, DRP was the sole stockholder of DRII. In connection with, and immediately prior to the completion of the IPO, each Class A and Class B member of DRP contributed all of its equity interests in DRP to DRII in return for shares of common stock of DRII. Following this contribution, DRII redeemed the shares of common stock held by DRP and DRP was merged with and into DRII. See “Organizational Structure—Reorganization Transactions” in the Final Prospectus for additional information concerning the Reorganization Transactions. | |
On July 24, 2013, the Company completed the Island One Acquisition and paid the purchase price of an aggregate of 5,236,251 shares of common stock to the Island One Equityholder and two individuals designated by the Island One Equityholder. | |
On September 27, 2013, the Company paid approximately $10.3 million to repurchase warrants to purchase shares of common stock of DRC and, substantially concurrently therewith, the Company borrowed approximately $15.0 million under the Revolving Credit Facility. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||||
Note 20— Stock-Based Compensation | |||||||||||||||||||||||||||
On July 8, 2013, the board of directors of the Company approved the 2013 Plan, which authorized the issuance of non-qualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, other stock-based awards and annual cash incentive awards to: (i) officers and employees of the Company or any of the Company's subsidiaries (including leased employees and co-employees with a professional employer organization), (ii) non-employee directors of the Company or (iii) a consultant or advisor to the Company or any of its subsidiaries (collectively, the “Eligible Persons”). Under the Plan, a total of 9,733,245 shares of common stock are authorized for issuance. As of September 30, 2013, 3,300,930 shares remained available for issuance under the Plan. | |||||||||||||||||||||||||||
On July 18, 2013, the Company granted non-qualified stock options exercisable for an aggregate of 3,760,215 shares of common stock that vested immediately to the former holders of DRP BCUs at an option price of $14.00 per share in part to maintain the incentive value intended when the Company originally issued those BCUs to these individuals and to provide an incentive for such individuals to continue providing service to the Company. See "Note 19-Equity Transactions" for further detail on these BCUs. The grantees of these immediately vested options include Mr. Stephen J. Cloobeck, the Company's founder and Chairman, Mr. Lowell D. Kraff, Vice Chairman of the Company's Board of Directors, Mr. David F. Palmer, President and Chief Executive Officer, Mr. C. Alan Bentley, Executive Vice President and Chief Financial Officer, Mr. Howard S. Lanznar, Executive Vice President and Chief Administrative Officer and two employees of the Company. Messrs. Cloobeck, Palmer, Bentley and Lanznar are not employed or compensated directly by the Company, but are rather employed and compensated by Hospitality Management and Consulting Service, LLC ("HM&C"), a Nevada limited liability company. Pursuant to a services agreement that the Company entered into with HM&C effective as of December 31, 2010 (as amended and restated effective as of December 31, 2012, the “HM&C Agreement”), HM&C provides certain services to the Company, including the services of Messrs. Cloobeck, Palmer, Bentley, Lanznar and approximately 40 other employees. The stock options issued to employees of HM&C and Mr. Kraff are treated as non-employee grants. | |||||||||||||||||||||||||||
On July 18, 2013, the Company also issued non-qualified stock options exercisable for an aggregate of 2,672,100 shares of common stock (together with the options discussed in the immediately preceding paragraph, representing options covering a total of 6,432,315 shares of common stock) to certain Eligible Persons (including individuals who received the options discussed in the immediately preceding paragraph) in connection with the IPO at an option price of $14.00 per share with a service-only vesting condition. 25% of shares issuable upon the exercise of such options vested immediately on the grant date and the remaining 75% vest equally on each of the next three anniversary dates. All options issued on July 18, 2013 expire on July 18, 2023. There were no options exercised or forfeited/expired during the three months ended September 30, 2013. | |||||||||||||||||||||||||||
The Company accounts for its stock-based compensation issued to its employees in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"). For a stock-based award with service-only vesting conditions, the Company measures compensation expense at fair value on the grant date and recognizes this expense in the statement of operations and comprehensive income (loss) over the vesting period during which the employees of the Company provide service in exchange for the award. The Company accounts for its stock-based compensation issued to employees of HM&C in accordance with ASC 505-50, "Equity-Based Payments to Non-Employees." The fair value of an equity instrument issued to employees of HM&C is measured by using the stock price and other measurement assumptions as of the date at the earlier of: (i) a commitment for performance by the employees of HM&C has been reached; or (ii) the performance by employees of HM&C is complete. Accordingly, these grants are re-measured at each balance sheet date as additional services are performed. | |||||||||||||||||||||||||||
The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees and employees of HM&C. At September 30, 2013, the expected volatility was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options granted (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company. The average expected option life represented the period of time the stock options were expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under SAB 14 for employee grants and contractual term for non-employee grants. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon yield with a remaining term that approximated the expected option life assumed at the date of issuance. The expected annual dividend per share was 0% based on the Company’s expected dividend rate. | |||||||||||||||||||||||||||
The following table sets forth fair value per share information, including related assumptions, used to determine compensation cost for the Company’s non-qualified stock options consistent with the requirements of ASC 718. | |||||||||||||||||||||||||||
Three and nine months ended | |||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||
Weighted Average HM&C employees | Weighted Average Company Employees | ||||||||||||||||||||||||||
Fair value per share | $ | 8.9 | $ | 7.4 | |||||||||||||||||||||||
Expected stock price volatility | 49.8 | % | 52.9 | % | |||||||||||||||||||||||
Expected option life (years) | 9.13 | 6.55 | |||||||||||||||||||||||||
Risk-free interest rate | 2.4 | % | 1.8 | % | |||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | |||||||||||||||||||||||
Stock option activity related to grants issued to the employees of HM&C and employees of the Company during the nine months ended September 30, 2013 was as follows: | |||||||||||||||||||||||||||
HM&C Employees | Company Employees | ||||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
(In thousands) | (Per Share) | (Years) | (In thousands) | (In thousands) | (Per Share) | (Years) | (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2013 | — | $ | — | 0 | — | — | $ | — | — | $ | — | ||||||||||||||||
Granted | 4,458 | 14 | 0 | — | 1,974 | 14 | 0 | $ | — | ||||||||||||||||||
Outstanding at September 30, 2013 | 4,458 | 14 | 9.8 | $ | 21,443 | 1,974 | 14 | 9.8 | $ | 9,497 | |||||||||||||||||
Exercisable at September 30, 2013 | 3,731 | $ | 14 | 9.8 | $ | 17,945 | 697 | $ | 14 | 9.8 | $ | 3,355 | |||||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been realized by the option holders had all option holders exercised their options on September 30, 2013. The intrinsic value of a stock option is the excess of the Company’s closing stock price on that date over the exercise price, multiplied by the number of shares subject to the option. | |||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company issued restricted common stock to certain members of the board of directors of the Company, which vest equally on each of the next three anniversary dates from the grant date. The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||
(In thousands) | (Per Share) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | ||||||||||||||||||||||||
Granted | 32 | 14 | |||||||||||||||||||||||||
Vested | — | 14 | |||||||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||||||
Unvested at September 30, 2013 | 32 | $ | 14 | ||||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||
HM&C Employees | Company Employees | ||||||||||||||||||||||||||
Options (In thousands) | Weighted-Average Exercise Price | Options (In thousands) | Weighted-Average Exercise Price | ||||||||||||||||||||||||
(Per Share) | (Per Share) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | — | $ | — | |||||||||||||||||||||
Granted | 4,458 | 14 | 1,974 | 14 | |||||||||||||||||||||||
Vested | (3,731 | ) | 14 | (697 | ) | 14 | |||||||||||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||||||||||||
Unvested at September 30, 2013 | 727 | $ | 14 | 1,277 | $ | 14 | |||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three and the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||
HM&C Employees Options | Company Employees Options | Director common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||
Stock-based compensation expense recognized | $ | 32,283 | $ | 6,041 | $ | 171 | $ | 38,495 | |||||||||||||||||||
In accordance with SAB 14, the Company records stock-based compensation to the same line item on the statement of operations as the grantees' cash compensation. In addition, the Company records stock-based compensation to the same business segment on the statement of operations as the grantees' cash compensation for segment reporting purposes in accordance with ASC 280, "Segment Reporting." The following table summarizes the effect of the stock-based compensation for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||
Management | Interest Sales | Other | |||||||||||||||||||||||||
Services | and Financing | ||||||||||||||||||||||||||
Management and member services | $ | 808 | $ | — | $ | — | $ | 808 | |||||||||||||||||||
Advertising, sales and marketing | — | 1,950 | — | 1,950 | |||||||||||||||||||||||
Vacation interest carrying cost, net | — | 174 | — | 174 | |||||||||||||||||||||||
Loan portfolio | — | 174 | — | 174 | |||||||||||||||||||||||
General and Administrative | — | — | 35,389 | 35,389 | |||||||||||||||||||||||
Total | $ | 808 | $ | 2,298 | $ | 35,389 | $ | 38,495 | |||||||||||||||||||
The following table summarizes the Company’s deferred stock-based compensation expense as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||
HM&C Employees Options | Company Employees Options | Director common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||
Deferred stock-based compensation expense | $ | 7,485 | $ | 7,735 | $ | 758 | $ | 15,978 | |||||||||||||||||||
Weighted-average remaining amortization period | 2.9 | 2.9 | 1.7 | 2.9 | |||||||||||||||||||||||
Net_income_loss_per_share
Net income (loss) per share | 9 Months Ended |
Sep. 30, 2013 | |
Net income (loss) per share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note 21— Net income (loss) per share | |
The Company calculates net income (loss) per share in accordance with ASC Topic 260, "Earnings Per Share." Basic net income (loss) per share is calculated by dividing net income or loss for common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share are calculated by dividing net income (loss) by weighted-average common shares outstanding during the period plus potentially dilutive common shares, such as stock options and restricted stock. | |
Dilutive potential common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options and restricted stock are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. | |
For both the three and nine months ended September 30, 2013, the potentially dilutive stock options and restricted stock excluded from the net income (loss) per share computation were 33,561 and 1,103, respectively, as their effect would be anti-dilutive due to the net loss reported by the Company. For the three and nine months ended September 30, 2012, the Company did not have any outstanding stock options and restricted stock. |
Business_Combinations_Notes
Business Combinations (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||
Note 22 — Business Combinations | |||||||||||||||||
Island One Acquisition | |||||||||||||||||
On July 1, 2013, the Company entered into an agreement to acquire all of the equity interests of the Island One Companies. On July 24, 2013, the Company completed the acquisition of the Island One Companies and paid the purchase price of an aggregate of 5,236,251 shares of common stock to the Island One Equityholder and two individuals designated by the Island One Equityholder. These shares represent an aggregate purchase price of $73.3 million, based upon the IPO price per share of $14.00. The Island One Equityholder and such designated individuals also received, in a distribution of cash from the Island One Companies, an aggregate amount in cash of $1.75 million as a result of the Island One Companies' excess working capital and excess accrual for certain bad debt expenses. | |||||||||||||||||
The Island One Acquisition added nine locations to the Company's collection of available resorts, management contracts, VOI inventory and more owner-families and members to the Company's owner base. | |||||||||||||||||
The Company accounted for the Island One Acquisition under the purchase method in accordance with ASC 805, "Business Combinations" (ASC 805"). As of July 24, 2013, the acquisition was recorded based on preliminary appraisals; accordingly, provisional amounts have been assigned to the assets acquired and liabilities assumed. Changes to the provisional amounts may be material. The Company expects to make all changes to provisional amounts within one year of the acquisition date. The Company recorded goodwill of $27.7 million in accordance with ASC 805-30. | |||||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands): | |||||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||||
Consideration: | |||||||||||||||||
DRII common stock | $ | 73,307 | |||||||||||||||
Fair value of total consideration transferred | $ | 73,307 | |||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | |||||||||||||||||
Cash and cash equivalents | $ | 725 | |||||||||||||||
Restricted cash | 1,264 | ||||||||||||||||
Due from related parties, net | 3,357 | ||||||||||||||||
Mortgages and contracts receivable | 14,106 | ||||||||||||||||
Other receivables, net | 2,175 | ||||||||||||||||
Prepaid expenses and other assets | 3,536 | ||||||||||||||||
Unsold Vacation Interests, net | 4,823 | ||||||||||||||||
Property and equipment, net | 1,348 | ||||||||||||||||
Intangible assets | 51,830 | ||||||||||||||||
Total assets | 83,164 | ||||||||||||||||
Deferred tax liability | 18,317 | ||||||||||||||||
Liabilities assumed | 19,205 | ||||||||||||||||
Total identifiable assets | $ | 45,642 | |||||||||||||||
Goodwill recognized | $ | 27,665 | |||||||||||||||
Acquired Island One intangible assets consist of the following (dollars in thousands): | |||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||||
Management contracts | 15 | $ | 33,850 | ||||||||||||||
Member exchange club | 20 | 16,360 | |||||||||||||||
Customer Lists | 3 | 1,620 | |||||||||||||||
Total acquired intangible assets | $ | 51,830 | |||||||||||||||
The Island One Companies contributed $6.0 million of revenue and $0.6 million of net loss from the acquisition date through September 30, 2013. These amounts are included in the condensed consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013. | |||||||||||||||||
PMR Service Companies | |||||||||||||||||
On June 12, 2013, the Company entered into an asset purchase agreement with the PMR Service Companies and the owner of such entities to acquire assets from the PMR Service Companies. Upon the closing of the PMR Service Companies Acquisition on July 24, 2013, the Company acquired resort management agreements for the resorts and the Collection for which the PMR Service Companies were providing services, as well as accounting services agreements, billing and collection services agreements and other assets of the PMR Service Companies for $47.8 million in cash. | |||||||||||||||||
The Company accounted for the PMR Service Companies Acquisition under the purchase method in accordance with ASC 805. As of July 24, 2013, the acquisition was recorded based on preliminary appraisal; accordingly, provisional amounts have been assigned to the assets acquired and liabilities assumed. Changes to the provisional amounts may be material. The Company expects to make all changes to provisional amounts within one year of the acquisition date. | |||||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands). The Company recorded a $2.8 million gain on bargain purchase from business combinations in accordance with ASC 805-30-25. | |||||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||||
Consideration: | |||||||||||||||||
Cash | $ | 47,758 | |||||||||||||||
Fair value of total consideration transferred | $ | 47,758 | |||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | |||||||||||||||||
Due from related parties, net | $ | 328 | |||||||||||||||
Other receivables, net | 1,053 | ||||||||||||||||
Management contracts | 50,910 | ||||||||||||||||
Total assets | 52,291 | ||||||||||||||||
Deferred tax liability | 1,622 | ||||||||||||||||
Liabilities assumed | 155 | ||||||||||||||||
Total identifiable net assets | $ | 50,514 | |||||||||||||||
Gain on bargain purchase from business combination | $ | 2,756 | |||||||||||||||
Acquired PMR Service Companies intangible assets consist of the following (dollars in thousands): | |||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||||
Management contracts | 15 | $ | 50,910 | ||||||||||||||
Total acquired intangible assets | $ | 50,910 | |||||||||||||||
The PMR Services Companies contributed $1.2 million of revenue and $2.6 million of net income, which includes $2.8 million of gain on bargain purchase, net of $1.6 million income tax provision, from the acquisition date through September 30, 2013. These amounts are included in the condensed consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013. | |||||||||||||||||
The following table presents unaudited consolidated pro forma revenues and net (loss) income of the Company as if the closing of the Island One Acquisition and the closing of the PMR Service Companies Acquisition had occurred on January 1, 2012 for purposes of the financial information presented for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
Revenue | $ | 195,539 | $ | 150,162 | $ | 542,158 | $ | 400,016 | |||||||||
Net (loss) income | $ | (30,223 | ) | $ | (11,377 | ) | $ | (6,864 | ) | $ | 30,810 | ||||||
Net (loss) income per share - basic and diluted | $ | (0.42 | ) | $ | (0.20 | ) | $ | (0.11 | ) | $ | 0.55 | ||||||
Weighted average common shares outstanding - | 72,268 | 55,532 | 63,666 | 55,532 | |||||||||||||
basic and diluted | |||||||||||||||||
The historical unaudited consolidated revenues and net (loss) income of the Company presented in the table above have been adjusted to give pro forma effect to events that are (i) directly attributable to the Island One Acquisition and the PMR Service Companies Acquisition, (ii) factually supportable, and (iii) expected to have a continuing impact on the combined results of the Company and the Island One Companies acquired. | |||||||||||||||||
The unaudited pro forma results have been adjusted with respect to certain aspects of the Island One Acquisition and the PMR Service Companies Acquisition to reflect: | |||||||||||||||||
•the consummation of each acquisition; | |||||||||||||||||
•changes in assets and liabilities to record their acquisition date fair values and changes in certain expenses resulting there from; | |||||||||||||||||
•the removal of the effect of the sales and marketing management fee-for-service arrangement between the Company and Island One, Inc; | |||||||||||||||||
•the removal of legal and professional fees incurred in connection with each acquisition; and | |||||||||||||||||
•the removal of the gain on bargain purchase from business combination recorded in connection with the PMR Service Companies Acquisition. | |||||||||||||||||
The unaudited pro forma results do not reflect future events that either have occurred or may occur after each acquisition including, but not limited to, the anticipated realization of ongoing savings from operating synergies in subsequent periods. They also do not give effect to certain charges the Company expected to incur in connection with the acquisitions including, but not limited to, charges that were expected to achieve ongoing cost savings and synergies. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||||||||||
The Company presents its results of operations in two segments: (i) Hospitality and Management Services, which includes operations related to the management of resort properties and the Collections, revenue from its operation of the Clubs and the provision of other services; and (ii) Vacation Interest Sales and Financing, which includes operations relating to the marketing and sales of Vacation Interests, as well as the consumer financing activities related to such sales. While certain line items reflected on the statement of operations and comprehensive income (loss) fall completely into one of these business segments, other line items relate to revenues or expenses that are applicable to more than one segment. For line items that are applicable to more than one segment, revenues or expenses are allocated by management, which involves significant estimates. Certain expense items (principally corporate interest expense and depreciation and amortization) are not, in management’s view, allocable to either of these business segments, as they apply to the entire Company. In addition, general and administrative expenses are not allocated to either of these business segments because, historically, management has not allocated these expenses for purposes of evaluating the Company’s different operational divisions. Accordingly, these expenses are presented under Corporate and Other. | |||||||||||||||||||||||||||||||||
Management believes that it is impracticable to allocate specific assets and liabilities related to each business segment. In addition, management does not review balance sheets by business segment as part of their evaluation of operating segment performances. Consequently, no balance sheet segment reports have been presented. | |||||||||||||||||||||||||||||||||
Information about the Company’s operations in different business segments for the periods presented below is as follows: | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||||
Management | Interest Sales | Other | Management | Interest Sales | Other | ||||||||||||||||||||||||||||
Services | and Financing | Services | and Financing | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Management and member services | $ | 33,610 | $ | — | $ | — | $ | 33,610 | $ | 29,999 | $ | — | $ | — | $ | 29,999 | |||||||||||||||||
Consolidated resort operations | 9,326 | — | — | 9,326 | 8,361 | — | — | 8,361 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $13,851, $0, $13,851, $0, $6,276, $0, and$6,276, respectively | — | 123,708 | — | 123,708 | — | 83,318 | — | 83,318 | |||||||||||||||||||||||||
Interest | — | 13,971 | 326 | 14,297 | — | 12,551 | 335 | 12,886 | |||||||||||||||||||||||||
Other | 1,227 | 9,434 | — | 10,661 | 1,019 | 7,129 | — | 8,148 | |||||||||||||||||||||||||
Total revenues | 44,163 | 147,113 | 326 | 191,602 | 39,379 | 102,998 | 335 | 142,712 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 9,408 | — | — | 9,408 | 8,862 | — | — | 8,862 | |||||||||||||||||||||||||
Consolidated resort operations | 9,602 | — | — | 9,602 | 7,314 | — | — | 7,314 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 18,605 | — | 18,605 | — | 16,778 | — | 16,778 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 70,714 | — | 70,714 | — | 49,554 | — | 49,554 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 10,154 | — | 10,154 | — | 8,226 | — | 8,226 | |||||||||||||||||||||||||
Loan portfolio | 278 | 2,018 | — | 2,296 | 189 | 2,257 | — | 2,446 | |||||||||||||||||||||||||
Other operating | — | 3,912 | — | 3,912 | — | 2,454 | — | 2,454 | |||||||||||||||||||||||||
General and administrative | — | — | 61,114 | 61,114 | — | — | 27,976 | 27,976 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 7,583 | 7,583 | — | — | 5,205 | 5,205 | |||||||||||||||||||||||||
Interest expense | — | 4,267 | 16,658 | 20,925 | — | 4,554 | 20,254 | 24,808 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 13,383 | 13,383 | — | — | — | — | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,200 | 1,200 | — | — | 401 | 401 | |||||||||||||||||||||||||
Gain on disposal of assets | — | — | (585 | ) | (585 | ) | — | — | (122 | ) | (122 | ) | |||||||||||||||||||||
(Gain on) adjustment to bargain purchase from business combinations | — | — | (2,756 | ) | (2,756 | ) | — | — | 115 | 115 | |||||||||||||||||||||||
Total costs and expenses | 19,288 | 109,670 | 96,597 | 225,555 | 16,365 | 83,823 | 53,829 | 154,017 | |||||||||||||||||||||||||
Income (loss) before (benefit) provision for income taxes | 24,875 | 37,443 | (96,271 | ) | (33,953 | ) | 23,014 | 19,175 | (53,494 | ) | (11,305 | ) | |||||||||||||||||||||
(Benefit) provision for income taxes | — | — | (7,626 | ) | (7,626 | ) | — | — | 340 | 340 | |||||||||||||||||||||||
Net income (loss) | $ | 24,875 | $ | 37,443 | $ | (88,645 | ) | $ | (26,327 | ) | $ | 23,014 | $ | 19,175 | $ | (53,834 | ) | $ | (11,645 | ) | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||||
Management | Interest Sales | Other | Management | Interest Sales | Other | ||||||||||||||||||||||||||||
Services | and Financing | Services | and Financing | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Management and member services | $ | 96,304 | $ | — | $ | — | $ | 96,304 | $ | 85,574 | $ | — | $ | — | $ | 85,574 | |||||||||||||||||
Consolidated resort operations | 26,465 | — | — | 26,465 | 25,522 | — | — | 25,522 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $29,731, $0, $29,731, $0, $16,093, $0, and $16,093, respectively | — | 325,815 | — | 325,815 | — | 202,764 | — | 202,764 | |||||||||||||||||||||||||
Interest | — | 40,021 | 1,138 | 41,159 | — | 38,015 | 1,039 | 39,054 | |||||||||||||||||||||||||
Other | 7,535 | 21,649 | — | 29,184 | 3,835 | 16,357 | — | 20,192 | |||||||||||||||||||||||||
Total revenues | 130,304 | 387,485 | 1,138 | 518,927 | 114,931 | 257,136 | 1,039 | 373,106 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 27,952 | — | — | 27,952 | 25,597 | — | — | 25,597 | |||||||||||||||||||||||||
Consolidated resort operations | 26,169 | — | — | 26,169 | 22,620 | — | — | 22,620 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 45,451 | — | 45,451 | — | 17,175 | — | 17,175 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 181,668 | — | 181,668 | — | 124,591 | — | 124,591 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 29,141 | — | 29,141 | — | 26,674 | — | 26,674 | |||||||||||||||||||||||||
Loan portfolio | 782 | 6,773 | — | 7,555 | 631 | 6,549 | — | 7,180 | |||||||||||||||||||||||||
Other operating | — | 6,518 | — | 6,518 | — | 5,419 | — | 5,419 | |||||||||||||||||||||||||
General and administrative | — | — | 105,612 | 105,612 | — | — | 70,937 | 70,937 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 19,912 | 19,912 | — | — | 13,379 | 13,379 | |||||||||||||||||||||||||
Interest expense | — | 12,451 | 58,110 | 70,561 | — | 14,240 | 55,718 | 69,958 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 13,383 | 13,383 | — | — | — | — | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,279 | 1,279 | — | — | 390 | 390 | |||||||||||||||||||||||||
Gain on disposal of assets | — | — | (673 | ) | (673 | ) | — | — | (218 | ) | (218 | ) | |||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,726 | ) | (2,726 | ) | — | — | (22,634 | ) | (22,634 | ) | |||||||||||||||||||||
Total costs and expenses | 54,903 | 282,002 | 194,897 | 531,802 | 48,848 | 194,648 | 117,572 | 361,068 | |||||||||||||||||||||||||
Income (loss) before benefit for income taxes | 75,401 | 105,483 | (193,759 | ) | (12,875 | ) | 66,083 | 62,488 | (116,533 | ) | 12,038 | ||||||||||||||||||||||
Benefit for income taxes | — | — | (6,777 | ) | (6,777 | ) | — | — | (13,353 | ) | (13,353 | ) | |||||||||||||||||||||
Net income (loss) | $ | 75,401 | $ | 105,483 | $ | (186,982 | ) | $ | (6,098 | ) | $ | 66,083 | $ | 62,488 | $ | (103,180 | ) | $ | 25,391 | ||||||||||||||
Consolidating_Financial_Statem
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries | ' | ||||||||||||||||
Consolidating Financial Statements - Guarantor and Non-guarantor | |||||||||||||||||
The following condensed consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013 for a list of the Company's guarantor subsidiaries as of June 30, 2013. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of guarantor subsidiaries: Crescent One, LLC, Island One, Inc., Island One Resorts Management Corporation, Navigo Vacation Club, Inc. and Galaxy Exchange Company. The Company's non-guarantor subsidiaries include its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of non-guarantor subsidiaries: Diamond Resorts Tempus Seller 2013, LLC, Diamond Resorts Tempus Owner Trust 2013, IOI Funding I, LLC and IOI Funding II, LLC. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
Cash in escrow and restricted cash | 32,818 | 28,424 | — | 61,242 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $34,188 $63,965, $0 and $98,153, respectively | 22,769 | 354,744 | — | 377,513 | |||||||||||||
Due from related parties, net | 314,583 | 39,392 | (317,517 | ) | 36,458 | ||||||||||||
Other receivables, net | 20,899 | 12,078 | — | 32,977 | |||||||||||||
Income tax receivable | — | 6,221 | (6,196 | ) | 25 | ||||||||||||
Prepaid expenses and other assets, net | 64,791 | 38,146 | (14,056 | ) | 88,881 | ||||||||||||
Unsold Vacation Interests, net | 226,879 | 118,848 | (44,018 | ) | 301,709 | ||||||||||||
Property and equipment, net | 37,142 | 24,076 | — | 61,218 | |||||||||||||
Assets held for sale | 4,000 | 7,181 | — | 11,181 | |||||||||||||
Goodwill and other intangible assets, net | 104,926 | 126,199 | — | 231,125 | |||||||||||||
Total assets | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 5,546 | $ | 9,020 | $ | — | $ | 14,566 | |||||||||
Due to related parties, net | 64,702 | 350,126 | (335,549 | ) | 79,279 | ||||||||||||
Accrued liabilities | 63,749 | 36,131 | (934 | ) | 98,946 | ||||||||||||
Income taxes payable | 26 | 1,065 | — | 1,091 | |||||||||||||
Deferred income taxes | 18,095 | — | (6,196 | ) | 11,899 | ||||||||||||
Deferred revenues | 71,824 | 17,914 | — | 89,738 | |||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $6,798, $0, $0 and $6,798, respectively | 367,642 | — | — | 367,642 | |||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $515, $0 and $515, respectively | 4,105 | 325,957 | — | 330,062 | |||||||||||||
Revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Derivative liabilities | — | 657 | — | 657 | |||||||||||||
Notes payable | 3,332 | 19,534 | — | 22,866 | |||||||||||||
Total liabilities | 614,021 | 760,404 | (342,679 | ) | 1,031,746 | ||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock | 755 | 9,675 | (9,675 | ) | 755 | ||||||||||||
Additional paid-in capital | 449,259 | 16,855 | (4,381 | ) | 461,733 | ||||||||||||
Accumulated deficit | (197,968 | ) | (19,995 | ) | (25,569 | ) | (243,532 | ) | |||||||||
Accumulated other comprehensive (loss) income | (23,650 | ) | 4,636 | 517 | (18,497 | ) | |||||||||||
Total stockholders' equity (deficit) | 228,396 | 11,171 | (39,108 | ) | 200,459 | ||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 26,501 | $ | 11,449 | $ | (4,340 | ) | $ | 33,610 | ||||||||
Consolidated resort operations | 7,251 | 2,075 | — | 9,326 | |||||||||||||
Vacation Interest sales, net of provision of $13,578, $273, $0 and $13,851, respectively | 101,556 | 22,152 | — | 123,708 | |||||||||||||
Interest | (202 | ) | 15,103 | (604 | ) | 14,297 | |||||||||||
Other | 11,663 | 14,733 | (15,735 | ) | 10,661 | ||||||||||||
Total revenues | 146,769 | 65,512 | (20,679 | ) | 191,602 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,630 | 4,259 | (3,481 | ) | 9,408 | ||||||||||||
Consolidated resort operations | 7,693 | 1,909 | — | 9,602 | |||||||||||||
Vacation Interest cost of sales | 16,743 | 1,862 | — | 18,605 | |||||||||||||
Advertising, sales and marketing | 56,470 | 15,085 | (841 | ) | 70,714 | ||||||||||||
Vacation Interest carrying cost, net | 4,990 | 6,187 | (1,023 | ) | 10,154 | ||||||||||||
Loan portfolio | 1,953 | 2,918 | (2,575 | ) | 2,296 | ||||||||||||
Other operating | 3,727 | 4,238 | (4,053 | ) | 3,912 | ||||||||||||
General and administrative | 55,138 | 5,978 | (2 | ) | 61,114 | ||||||||||||
Depreciation and amortization | 3,018 | 4,565 | — | 7,583 | |||||||||||||
Interest expense | 8,788 | 12,741 | (604 | ) | 20,925 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,200 | — | 1,200 | |||||||||||||
Gain on disposal of assets | (39 | ) | (546 | ) | — | (585 | ) | ||||||||||
Gain on bargain purchase from business combinations | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Total costs and expenses | 175,554 | 62,580 | (12,579 | ) | 225,555 | ||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,785 | ) | 2,932 | (8,100 | ) | (33,953 | ) | ||||||||||
(Benefit) provision for income taxes | (7,979 | ) | 353 | — | (7,626 | ) | |||||||||||
Net (loss) income | $ | (20,806 | ) | $ | 2,579 | $ | (8,100 | ) | $ | (26,327 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 77,905 | $ | 31,312 | $ | (12,913 | ) | $ | 96,304 | ||||||||
Consolidated resort operations | 20,305 | 6,160 | — | 26,465 | |||||||||||||
Vacation Interest sales, net of provision of $29,005, $726, $0, and $29,731, respectively | 267,834 | 57,981 | — | 325,815 | |||||||||||||
Interest | (481 | ) | 43,189 | (1,549 | ) | 41,159 | |||||||||||
Other | 33,341 | 38,356 | (42,513 | ) | 29,184 | ||||||||||||
Total revenues | 398,904 | 176,998 | (56,975 | ) | 518,927 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 26,210 | 12,145 | (10,403 | ) | 27,952 | ||||||||||||
Consolidated resort operations | 20,789 | 5,380 | — | 26,169 | |||||||||||||
Vacation Interest cost of sales | 38,890 | 6,561 | — | 45,451 | |||||||||||||
Advertising, sales and marketing | 146,409 | 37,721 | (2,462 | ) | 181,668 | ||||||||||||
Vacation Interest carrying cost, net | 14,081 | 18,166 | (3,106 | ) | 29,141 | ||||||||||||
Loan portfolio | 6,635 | 8,507 | (7,587 | ) | 7,555 | ||||||||||||
Other operating | 6,954 | 9,640 | (10,076 | ) | 6,518 | ||||||||||||
General and administrative | 86,133 | 19,481 | (2 | ) | 105,612 | ||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Interest expense | 34,050 | 38,060 | (1,549 | ) | 70,561 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Total costs and expenses | 396,441 | 170,546 | (35,185 | ) | 531,802 | ||||||||||||
Income (loss) before (benefit) provision for income taxes | 2,463 | 6,452 | (21,790 | ) | (12,875 | ) | |||||||||||
(Benefit) provision for income taxes | (7,928 | ) | 1,151 | — | (6,777 | ) | |||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | 29,005 | 726 | — | 29,731 | |||||||||||||
Amortization of capitalized financing costs and original issue discounts | 2,066 | 3,541 | — | 5,607 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | 3,815 | 493 | — | 4,308 | |||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Stock-based compensation | 38,495 | — | — | 38,495 | |||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Deferred income taxes | (222 | ) | (1,622 | ) | (6,196 | ) | (8,040 | ) | |||||||||
Loss on foreign currency exchange | — | 215 | — | 215 | |||||||||||||
Loss (gain) on mortgage repurchase | 7 | (78 | ) | — | (71 | ) | |||||||||||
Unrealized loss on derivative instruments | — | 657 | — | 657 | |||||||||||||
Unrealized loss on post-retirement benefit plan | 774 | — | — | 774 | |||||||||||||
Gain on insurance settlement | (2,876 | ) | — | — | (2,876 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (8,148 | ) | (76,317 | ) | (4 | ) | (84,469 | ) | |||||||||
Due from related parties, net | (180,699 | ) | (8,837 | ) | 179,973 | (9,563 | ) | ||||||||||
Other receivables, net | 14,955 | 3,851 | — | 18,806 | |||||||||||||
Prepaid expenses and other assets, net | (10,593 | ) | (17,594 | ) | (126 | ) | (28,313 | ) | |||||||||
Unsold Vacation Interests, net | (5,930 | ) | (8,457 | ) | 21,757 | 7,370 | |||||||||||
Accounts payable | (5,121 | ) | 2,704 | — | (2,417 | ) | |||||||||||
Due to related parties, net | 3,281 | 194,493 | (179,941 | ) | 17,833 | ||||||||||||
Accrued liabilities | (19,431 | ) | 6,220 | 131 | (13,080 | ) | |||||||||||
Income taxes payable | 928 | (5,830 | ) | 6,196 | 1,294 | ||||||||||||
Deferred revenues | (10,867 | ) | 3,752 | — | (7,115 | ) | |||||||||||
Net cash (used in) provided by operating activities | $ | (123,880 | ) | $ | 118,103 | — | $ | (5,777 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | $ | (11,811 | ) | $ | (981 | ) | $ | — | $ | (12,792 | ) | ||||||
Cash acquired in connection with the Island One Acquisition | 725 | — | — | 725 | |||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Proceeds from sale of assets | 223 | 2,903 | — | 3,126 | |||||||||||||
Net cash used in investing activities | (10,863 | ) | (45,836 | ) | — | (56,699 | ) | ||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | (7,818 | ) | (9,852 | ) | — | (17,670 | ) | ||||||||||
Proceeds from issuance of revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 265,873 | — | 265,873 | |||||||||||||
Proceeds from issuance of notes payable | — | 3,882 | — | 3,882 | |||||||||||||
Payments on securitization notes and Funding Facilities | (1,673 | ) | (199,911 | ) | — | (201,584 | ) | ||||||||||
Payments on senior secured notes | (50,560 | ) | — | — | (50,560 | ) | |||||||||||
Payments on notes payable | (8,404 | ) | (123,428 | ) | — | (131,832 | ) | ||||||||||
Payments of debt issuance costs | (1,023 | ) | (5,140 | ) | — | (6,163 | ) | ||||||||||
Proceeds from issuance of common stock, net of related costs | 204,705 | — | — | 204,705 | |||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | (10,346 | ) | |||||||||||
Net cash provided by (used in) financing activities | 139,881 | (68,576 | ) | — | 71,305 | ||||||||||||
Net increase in cash and cash equivalents | 5,138 | 3,691 | — | 8,829 | |||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | (14 | ) | — | (14 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 8,472 | 12,589 | — | 21,061 | |||||||||||||
Cash and cash equivalents, end of period | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 45,769 | $ | 28,658 | $ | — | $ | 74,427 | |||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | (816 | ) | $ | 828 | $ | — | $ | 12 | ||||||||
Purchase of assets in connection with the Island One Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | 83,164 | $ | — | $ | — | $ | 83,164 | |||||||||
Goodwill acquired | 27,665 | — | — | 27,665 | |||||||||||||
DRII common stock issued | (73,307 | ) | — | — | (73,307 | ) | |||||||||||
Deferred tax liability | (18,317 | ) | — | — | (18,317 | ) | |||||||||||
Liabilities assumed | $ | 19,205 | $ | — | $ | — | $ | 19,205 | |||||||||
Purchase of assets in connection with PMR Service Companies Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 52,291 | $ | — | $ | 52,291 | |||||||||
Gain on bargain purchase recognized | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Cash paid | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Deferred tax liability | — | (1,622 | ) | — | (1,622 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 155 | $ | — | $ | 155 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,822 | $ | — | $ | — | $ | 7,822 | |||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | 4,220 | $ | 5,945 | $ | — | $ | 10,165 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Audited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,472 | $ | 12,589 | $ | — | $ | 21,061 | |||||||||
Cash in escrow and restricted cash | 23,736 | 18,575 | — | 42,311 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $5,814, $77,970, $0 and $83,784, respectively | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||
Due from related parties, net | 129,135 | 27,083 | (133,223 | ) | 22,995 | ||||||||||||
Other receivables, net | 30,384 | 15,665 | — | 46,049 | |||||||||||||
Income tax receivable | 902 | 25 | — | 927 | |||||||||||||
Prepaid expenses and other assets, net | 50,709 | 21,497 | (14,182 | ) | 58,024 | ||||||||||||
Unsold Vacation Interests, net | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||
Property and equipment, net | 29,510 | 25,610 | — | 55,120 | |||||||||||||
Assets held for sale | — | 5,224 | — | 5,224 | |||||||||||||
Goodwill and Intangible assets, net | 27,569 | 84,929 | — | 112,498 | |||||||||||||
Total assets | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | |||||||||
Due to related parties, net | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||
Accrued liabilities | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||
Income taxes payable | — | 701 | — | 701 | |||||||||||||
Deferred revenues | 79,652 | 14,181 | — | 93,833 | |||||||||||||
Senior Secured Notes, net of original issue discount of $8,509, $0, $0 and $8,509, respectively | 416,491 | — | — | 416,491 | |||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $753, $0 and $753, respectively | — | 256,302 | — | 256,302 | |||||||||||||
Notes payable | 3,219 | 134,687 | — | 137,906 | |||||||||||||
Total liabilities | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||
Stockholders' equity (deficit): | |||||||||||||||||
Common stock | 541 | 9,675 | (9,675 | ) | 541 | ||||||||||||
Additional paid-in capital | 142,554 | 16,980 | (4,507 | ) | 155,027 | ||||||||||||
Accumulated deficit | (207,978 | ) | (25,012 | ) | (4,444 | ) | (237,434 | ) | |||||||||
Accumulated other comprehensive (loss) income | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||
Total stockholders' (deficit) equity | (86,485 | ) | 5,996 | (18,110 | ) | (98,599 | ) | ||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 24,337 | $ | 9,655 | $ | (3,993 | ) | $ | 29,999 | ||||||||
Consolidated resort operations | 6,790 | 1,571 | — | 8,361 | |||||||||||||
Vacation Interest sales, net of provision (adjustment) of $6,661, $(385), $0 and $6,276, respectively | 71,585 | 11,733 | — | 83,318 | |||||||||||||
Interest | 431 | 13,031 | (576 | ) | 12,886 | ||||||||||||
Other | 9,631 | 11,117 | (12,600 | ) | 8,148 | ||||||||||||
Total revenues | 112,774 | 47,107 | (17,169 | ) | 142,712 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,443 | 3,826 | (3,407 | ) | 8,862 | ||||||||||||
Consolidated resort operations | 6,017 | 1,297 | — | 7,314 | |||||||||||||
Vacation Interest cost of sales | 15,140 | 1,638 | — | 16,778 | |||||||||||||
Advertising, sales and marketing | 42,105 | 8,021 | (572 | ) | 49,554 | ||||||||||||
Vacation Interest carrying cost, net | 4,849 | 4,167 | (790 | ) | 8,226 | ||||||||||||
Loan portfolio | 2,034 | 3,019 | (2,607 | ) | 2,446 | ||||||||||||
Other operating | 2,812 | 1,684 | (2,042 | ) | 2,454 | ||||||||||||
General and administrative | 14,167 | 13,810 | (1 | ) | 27,976 | ||||||||||||
Depreciation and amortization | 1,948 | 3,257 | — | 5,205 | |||||||||||||
Interest expense | 11,318 | 14,066 | (576 | ) | 24,808 | ||||||||||||
Impairments and other write-offs | 183 | 218 | — | 401 | |||||||||||||
Gain on disposal of assets | (2 | ) | (120 | ) | — | (122 | ) | ||||||||||
Adjustment to bargain purchase from business combinations | — | 115 | — | 115 | |||||||||||||
Total costs and expenses | 109,014 | 54,998 | (9,995 | ) | 154,017 | ||||||||||||
Income (loss) before provision for income taxes | 3,760 | (7,891 | ) | (7,174 | ) | (11,305 | ) | ||||||||||
Provision for income taxes | 184 | 156 | — | 340 | |||||||||||||
Net income (loss) | $ | 3,576 | $ | (8,047 | ) | $ | (7,174 | ) | $ | (11,645 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 70,339 | $ | 23,857 | $ | (8,622 | ) | $ | 85,574 | ||||||||
Consolidated resort operations | 19,973 | 5,549 | — | 25,522 | |||||||||||||
Vacation interest sales, net of provision (adjustment) of $17,174, $(1,081), $0 and $16.093, respectively | 174,253 | 28,511 | — | 202,764 | |||||||||||||
Interest | 1,378 | 39,515 | (1,839 | ) | 39,054 | ||||||||||||
Other | 25,719 | 20,884 | (26,411 | ) | 20,192 | ||||||||||||
Total revenues | 291,662 | 118,316 | (36,872 | ) | 373,106 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 22,225 | 10,118 | (6,746 | ) | 25,597 | ||||||||||||
Consolidated resort operations | 18,107 | 4,513 | — | 22,620 | |||||||||||||
Vacation Interest cost of sales | 13,347 | 3,828 | — | 17,175 | |||||||||||||
Advertising, sales and marketing | 107,451 | 18,128 | (988 | ) | 124,591 | ||||||||||||
Vacation Interest carrying cost, net | 15,002 | 13,581 | (1,909 | ) | 26,674 | ||||||||||||
Loan portfolio | 6,243 | 7,424 | (6,487 | ) | 7,180 | ||||||||||||
Other operating | 7,047 | 3,681 | (5,309 | ) | 5,419 | ||||||||||||
General and administrative | 41,807 | 29,133 | (3 | ) | 70,937 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Interest expense | 33,972 | 37,825 | (1,839 | ) | 69,958 | ||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Total costs and expenses | 270,936 | 113,413 | (23,281 | ) | 361,068 | ||||||||||||
Income (loss) before benefit for income taxes | 20,726 | 4,903 | (13,591 | ) | 12,038 | ||||||||||||
Benefit for income taxes | (880 | ) | (12,473 | ) | — | (13,353 | ) | ||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | 17,174 | (1,081 | ) | — | 16,093 | ||||||||||||
Amortization of capitalized financing costs and original issue discounts | 1,777 | 2,965 | — | 4,742 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | 2,282 | (706 | ) | — | 1,576 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Deferred income taxes | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Gain on foreign currency exchange | — | (98 | ) | — | (98 | ) | |||||||||||
Gain on mortgage repurchase | (26 | ) | — | — | (26 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (2,621 | ) | (28,405 | ) | (1 | ) | (31,027 | ) | |||||||||
Due from related parties, net | (10,492 | ) | 20,530 | 8,270 | 18,308 | ||||||||||||
Other receivables, net | 10,151 | 3,639 | (410 | ) | 13,380 | ||||||||||||
Prepaid expenses and other assets, net | (14,255 | ) | (4,290 | ) | (127 | ) | (18,672 | ) | |||||||||
Unsold Vacation Interests, net | (26,207 | ) | (20,804 | ) | 12,737 | (34,274 | ) | ||||||||||
Accounts payable | 2,872 | (560 | ) | — | 2,312 | ||||||||||||
Due to related parties, net | 20,695 | 35,886 | (7,785 | ) | 48,796 | ||||||||||||
Accrued liabilities | (1,087 | ) | 12,621 | 907 | 12,441 | ||||||||||||
Income taxes payable | (1,273 | ) | (773 | ) | — | (2,046 | ) | ||||||||||
Deferred revenues | (6,668 | ) | (2,194 | ) | — | (8,862 | ) | ||||||||||
Net cash provided by operating activities | 19,663 | 5,676 | — | 25,339 | |||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | (10,768 | ) | (505 | ) | — | (11,273 | ) | ||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Proceeds from sale of assets | 2 | 495 | — | 497 | |||||||||||||
Net cash used in by investing activities | $ | (10,766 | ) | $ | (51,645 | ) | $ | — | $ | (62,411 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | $ | (3,985 | ) | $ | (768 | ) | $ | — | $ | (4,753 | ) | ||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 82,864 | — | 82,864 | |||||||||||||
Proceeds from issuance of notes payable | 1,124 | 64,138 | — | 65,262 | |||||||||||||
Payments on securitization notes and Funding Facilities | — | (82,295 | ) | — | (82,295 | ) | |||||||||||
Payments on notes payable | (7,415 | ) | (15,930 | ) | — | (23,345 | ) | ||||||||||
Payments of debt issuance costs | 1 | (2,595 | ) | — | (2,594 | ) | |||||||||||
Payments of costs related to issuance of common and preferred units | (35 | ) | — | — | (35 | ) | |||||||||||
Net cash (used in) provided financing activities | (10,310 | ) | 45,414 | — | 35,104 | ||||||||||||
Net decrease in cash and cash equivalents | (1,413 | ) | (555 | ) | — | (1,968 | ) | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | 318 | — | 318 | |||||||||||||
Cash and cash equivalents, beginning of period | 10,836 | 9,061 | — | 19,897 | |||||||||||||
Cash and cash equivalents, end of period | $ | 9,423 | $ | 8,824 | $ | — | $ | 18,247 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 51,128 | $ | 20,971 | $ | — | $ | 72,099 | |||||||||
Cash paid for taxes, net of cash tax refunds | $ | 393 | $ | 1,944 | $ | — | $ | 2,337 | |||||||||
Purchase of assets in connection with PMR Acquisition: | |||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | 89,760 | $ | — | $ | 89,760 | |||||||||
Gain on bargain purchase recognized | — | (22,765 | ) | — | (22,765 | ) | |||||||||||
Cash paid | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Deferred tax liability | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 1,748 | $ | — | $ | 1,748 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,573 | $ | — | $ | — | $ | 7,573 | |||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | 1,353 | $ | — | $ | 1,353 | |||||||||
Assets held for sale reclassified to management contracts (other intangibles) | $ | — | $ | 192 | $ | — | $ | 192 | |||||||||
The following condensed consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013 for a list of the Company's guarantor subsidiaries as of June 30, 2013. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of guarantor subsidiaries: Crescent One, LLC, Island One, Inc., Island One Resorts Management Corporation, Navigo Vacation Club, Inc. and Galaxy Exchange Company. The Company's non-guarantor subsidiaries include its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of non-guarantor subsidiaries: Diamond Resorts Tempus Seller 2013, LLC, Diamond Resorts Tempus Owner Trust 2013, IOI Funding I, LLC and IOI Funding II, LLC. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
Cash in escrow and restricted cash | 32,818 | 28,424 | — | 61,242 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $34,188 $63,965, $0 and $98,153, respectively | 22,769 | 354,744 | — | 377,513 | |||||||||||||
Due from related parties, net | 314,583 | 39,392 | (317,517 | ) | 36,458 | ||||||||||||
Other receivables, net | 20,899 | 12,078 | — | 32,977 | |||||||||||||
Income tax receivable | — | 6,221 | (6,196 | ) | 25 | ||||||||||||
Prepaid expenses and other assets, net | 64,791 | 38,146 | (14,056 | ) | 88,881 | ||||||||||||
Unsold Vacation Interests, net | 226,879 | 118,848 | (44,018 | ) | 301,709 | ||||||||||||
Property and equipment, net | 37,142 | 24,076 | — | 61,218 | |||||||||||||
Assets held for sale | 4,000 | 7,181 | — | 11,181 | |||||||||||||
Goodwill and other intangible assets, net | 104,926 | 126,199 | — | 231,125 | |||||||||||||
Total assets | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 5,546 | $ | 9,020 | $ | — | $ | 14,566 | |||||||||
Due to related parties, net | 64,702 | 350,126 | (335,549 | ) | 79,279 | ||||||||||||
Accrued liabilities | 63,749 | 36,131 | (934 | ) | 98,946 | ||||||||||||
Income taxes payable | 26 | 1,065 | — | 1,091 | |||||||||||||
Deferred income taxes | 18,095 | — | (6,196 | ) | 11,899 | ||||||||||||
Deferred revenues | 71,824 | 17,914 | — | 89,738 | |||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $6,798, $0, $0 and $6,798, respectively | 367,642 | — | — | 367,642 | |||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $515, $0 and $515, respectively | 4,105 | 325,957 | — | 330,062 | |||||||||||||
Revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Derivative liabilities | — | 657 | — | 657 | |||||||||||||
Notes payable | 3,332 | 19,534 | — | 22,866 | |||||||||||||
Total liabilities | 614,021 | 760,404 | (342,679 | ) | 1,031,746 | ||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock | 755 | 9,675 | (9,675 | ) | 755 | ||||||||||||
Additional paid-in capital | 449,259 | 16,855 | (4,381 | ) | 461,733 | ||||||||||||
Accumulated deficit | (197,968 | ) | (19,995 | ) | (25,569 | ) | (243,532 | ) | |||||||||
Accumulated other comprehensive (loss) income | (23,650 | ) | 4,636 | 517 | (18,497 | ) | |||||||||||
Total stockholders' equity (deficit) | 228,396 | 11,171 | (39,108 | ) | 200,459 | ||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 26,501 | $ | 11,449 | $ | (4,340 | ) | $ | 33,610 | ||||||||
Consolidated resort operations | 7,251 | 2,075 | — | 9,326 | |||||||||||||
Vacation Interest sales, net of provision of $13,578, $273, $0 and $13,851, respectively | 101,556 | 22,152 | — | 123,708 | |||||||||||||
Interest | (202 | ) | 15,103 | (604 | ) | 14,297 | |||||||||||
Other | 11,663 | 14,733 | (15,735 | ) | 10,661 | ||||||||||||
Total revenues | 146,769 | 65,512 | (20,679 | ) | 191,602 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,630 | 4,259 | (3,481 | ) | 9,408 | ||||||||||||
Consolidated resort operations | 7,693 | 1,909 | — | 9,602 | |||||||||||||
Vacation Interest cost of sales | 16,743 | 1,862 | — | 18,605 | |||||||||||||
Advertising, sales and marketing | 56,470 | 15,085 | (841 | ) | 70,714 | ||||||||||||
Vacation Interest carrying cost, net | 4,990 | 6,187 | (1,023 | ) | 10,154 | ||||||||||||
Loan portfolio | 1,953 | 2,918 | (2,575 | ) | 2,296 | ||||||||||||
Other operating | 3,727 | 4,238 | (4,053 | ) | 3,912 | ||||||||||||
General and administrative | 55,138 | 5,978 | (2 | ) | 61,114 | ||||||||||||
Depreciation and amortization | 3,018 | 4,565 | — | 7,583 | |||||||||||||
Interest expense | 8,788 | 12,741 | (604 | ) | 20,925 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,200 | — | 1,200 | |||||||||||||
Gain on disposal of assets | (39 | ) | (546 | ) | — | (585 | ) | ||||||||||
Gain on bargain purchase from business combinations | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Total costs and expenses | 175,554 | 62,580 | (12,579 | ) | 225,555 | ||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,785 | ) | 2,932 | (8,100 | ) | (33,953 | ) | ||||||||||
(Benefit) provision for income taxes | (7,979 | ) | 353 | — | (7,626 | ) | |||||||||||
Net (loss) income | $ | (20,806 | ) | $ | 2,579 | $ | (8,100 | ) | $ | (26,327 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 77,905 | $ | 31,312 | $ | (12,913 | ) | $ | 96,304 | ||||||||
Consolidated resort operations | 20,305 | 6,160 | — | 26,465 | |||||||||||||
Vacation Interest sales, net of provision of $29,005, $726, $0, and $29,731, respectively | 267,834 | 57,981 | — | 325,815 | |||||||||||||
Interest | (481 | ) | 43,189 | (1,549 | ) | 41,159 | |||||||||||
Other | 33,341 | 38,356 | (42,513 | ) | 29,184 | ||||||||||||
Total revenues | 398,904 | 176,998 | (56,975 | ) | 518,927 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 26,210 | 12,145 | (10,403 | ) | 27,952 | ||||||||||||
Consolidated resort operations | 20,789 | 5,380 | — | 26,169 | |||||||||||||
Vacation Interest cost of sales | 38,890 | 6,561 | — | 45,451 | |||||||||||||
Advertising, sales and marketing | 146,409 | 37,721 | (2,462 | ) | 181,668 | ||||||||||||
Vacation Interest carrying cost, net | 14,081 | 18,166 | (3,106 | ) | 29,141 | ||||||||||||
Loan portfolio | 6,635 | 8,507 | (7,587 | ) | 7,555 | ||||||||||||
Other operating | 6,954 | 9,640 | (10,076 | ) | 6,518 | ||||||||||||
General and administrative | 86,133 | 19,481 | (2 | ) | 105,612 | ||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Interest expense | 34,050 | 38,060 | (1,549 | ) | 70,561 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Total costs and expenses | 396,441 | 170,546 | (35,185 | ) | 531,802 | ||||||||||||
Income (loss) before (benefit) provision for income taxes | 2,463 | 6,452 | (21,790 | ) | (12,875 | ) | |||||||||||
(Benefit) provision for income taxes | (7,928 | ) | 1,151 | — | (6,777 | ) | |||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | 29,005 | 726 | — | 29,731 | |||||||||||||
Amortization of capitalized financing costs and original issue discounts | 2,066 | 3,541 | — | 5,607 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | 3,815 | 493 | — | 4,308 | |||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Stock-based compensation | 38,495 | — | — | 38,495 | |||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Deferred income taxes | (222 | ) | (1,622 | ) | (6,196 | ) | (8,040 | ) | |||||||||
Loss on foreign currency exchange | — | 215 | — | 215 | |||||||||||||
Loss (gain) on mortgage repurchase | 7 | (78 | ) | — | (71 | ) | |||||||||||
Unrealized loss on derivative instruments | — | 657 | — | 657 | |||||||||||||
Unrealized loss on post-retirement benefit plan | 774 | — | — | 774 | |||||||||||||
Gain on insurance settlement | (2,876 | ) | — | — | (2,876 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (8,148 | ) | (76,317 | ) | (4 | ) | (84,469 | ) | |||||||||
Due from related parties, net | (180,699 | ) | (8,837 | ) | 179,973 | (9,563 | ) | ||||||||||
Other receivables, net | 14,955 | 3,851 | — | 18,806 | |||||||||||||
Prepaid expenses and other assets, net | (10,593 | ) | (17,594 | ) | (126 | ) | (28,313 | ) | |||||||||
Unsold Vacation Interests, net | (5,930 | ) | (8,457 | ) | 21,757 | 7,370 | |||||||||||
Accounts payable | (5,121 | ) | 2,704 | — | (2,417 | ) | |||||||||||
Due to related parties, net | 3,281 | 194,493 | (179,941 | ) | 17,833 | ||||||||||||
Accrued liabilities | (19,431 | ) | 6,220 | 131 | (13,080 | ) | |||||||||||
Income taxes payable | 928 | (5,830 | ) | 6,196 | 1,294 | ||||||||||||
Deferred revenues | (10,867 | ) | 3,752 | — | (7,115 | ) | |||||||||||
Net cash (used in) provided by operating activities | $ | (123,880 | ) | $ | 118,103 | — | $ | (5,777 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | $ | (11,811 | ) | $ | (981 | ) | $ | — | $ | (12,792 | ) | ||||||
Cash acquired in connection with the Island One Acquisition | 725 | — | — | 725 | |||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Proceeds from sale of assets | 223 | 2,903 | — | 3,126 | |||||||||||||
Net cash used in investing activities | (10,863 | ) | (45,836 | ) | — | (56,699 | ) | ||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | (7,818 | ) | (9,852 | ) | — | (17,670 | ) | ||||||||||
Proceeds from issuance of revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 265,873 | — | 265,873 | |||||||||||||
Proceeds from issuance of notes payable | — | 3,882 | — | 3,882 | |||||||||||||
Payments on securitization notes and Funding Facilities | (1,673 | ) | (199,911 | ) | — | (201,584 | ) | ||||||||||
Payments on senior secured notes | (50,560 | ) | — | — | (50,560 | ) | |||||||||||
Payments on notes payable | (8,404 | ) | (123,428 | ) | — | (131,832 | ) | ||||||||||
Payments of debt issuance costs | (1,023 | ) | (5,140 | ) | — | (6,163 | ) | ||||||||||
Proceeds from issuance of common stock, net of related costs | 204,705 | — | — | 204,705 | |||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | (10,346 | ) | |||||||||||
Net cash provided by (used in) financing activities | 139,881 | (68,576 | ) | — | 71,305 | ||||||||||||
Net increase in cash and cash equivalents | 5,138 | 3,691 | — | 8,829 | |||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | (14 | ) | — | (14 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 8,472 | 12,589 | — | 21,061 | |||||||||||||
Cash and cash equivalents, end of period | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 45,769 | $ | 28,658 | $ | — | $ | 74,427 | |||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | (816 | ) | $ | 828 | $ | — | $ | 12 | ||||||||
Purchase of assets in connection with the Island One Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | 83,164 | $ | — | $ | — | $ | 83,164 | |||||||||
Goodwill acquired | 27,665 | — | — | 27,665 | |||||||||||||
DRII common stock issued | (73,307 | ) | — | — | (73,307 | ) | |||||||||||
Deferred tax liability | (18,317 | ) | — | — | (18,317 | ) | |||||||||||
Liabilities assumed | $ | 19,205 | $ | — | $ | — | $ | 19,205 | |||||||||
Purchase of assets in connection with PMR Service Companies Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 52,291 | $ | — | $ | 52,291 | |||||||||
Gain on bargain purchase recognized | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Cash paid | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Deferred tax liability | — | (1,622 | ) | — | (1,622 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 155 | $ | — | $ | 155 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,822 | $ | — | $ | — | $ | 7,822 | |||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | 4,220 | $ | 5,945 | $ | — | $ | 10,165 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Audited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,472 | $ | 12,589 | $ | — | $ | 21,061 | |||||||||
Cash in escrow and restricted cash | 23,736 | 18,575 | — | 42,311 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $5,814, $77,970, $0 and $83,784, respectively | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||
Due from related parties, net | 129,135 | 27,083 | (133,223 | ) | 22,995 | ||||||||||||
Other receivables, net | 30,384 | 15,665 | — | 46,049 | |||||||||||||
Income tax receivable | 902 | 25 | — | 927 | |||||||||||||
Prepaid expenses and other assets, net | 50,709 | 21,497 | (14,182 | ) | 58,024 | ||||||||||||
Unsold Vacation Interests, net | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||
Property and equipment, net | 29,510 | 25,610 | — | 55,120 | |||||||||||||
Assets held for sale | — | 5,224 | — | 5,224 | |||||||||||||
Goodwill and Intangible assets, net | 27,569 | 84,929 | — | 112,498 | |||||||||||||
Total assets | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | |||||||||
Due to related parties, net | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||
Accrued liabilities | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||
Income taxes payable | — | 701 | — | 701 | |||||||||||||
Deferred revenues | 79,652 | 14,181 | — | 93,833 | |||||||||||||
Senior Secured Notes, net of original issue discount of $8,509, $0, $0 and $8,509, respectively | 416,491 | — | — | 416,491 | |||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $753, $0 and $753, respectively | — | 256,302 | — | 256,302 | |||||||||||||
Notes payable | 3,219 | 134,687 | — | 137,906 | |||||||||||||
Total liabilities | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||
Stockholders' equity (deficit): | |||||||||||||||||
Common stock | 541 | 9,675 | (9,675 | ) | 541 | ||||||||||||
Additional paid-in capital | 142,554 | 16,980 | (4,507 | ) | 155,027 | ||||||||||||
Accumulated deficit | (207,978 | ) | (25,012 | ) | (4,444 | ) | (237,434 | ) | |||||||||
Accumulated other comprehensive (loss) income | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||
Total stockholders' (deficit) equity | (86,485 | ) | 5,996 | (18,110 | ) | (98,599 | ) | ||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 24,337 | $ | 9,655 | $ | (3,993 | ) | $ | 29,999 | ||||||||
Consolidated resort operations | 6,790 | 1,571 | — | 8,361 | |||||||||||||
Vacation Interest sales, net of provision (adjustment) of $6,661, $(385), $0 and $6,276, respectively | 71,585 | 11,733 | — | 83,318 | |||||||||||||
Interest | 431 | 13,031 | (576 | ) | 12,886 | ||||||||||||
Other | 9,631 | 11,117 | (12,600 | ) | 8,148 | ||||||||||||
Total revenues | 112,774 | 47,107 | (17,169 | ) | 142,712 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,443 | 3,826 | (3,407 | ) | 8,862 | ||||||||||||
Consolidated resort operations | 6,017 | 1,297 | — | 7,314 | |||||||||||||
Vacation Interest cost of sales | 15,140 | 1,638 | — | 16,778 | |||||||||||||
Advertising, sales and marketing | 42,105 | 8,021 | (572 | ) | 49,554 | ||||||||||||
Vacation Interest carrying cost, net | 4,849 | 4,167 | (790 | ) | 8,226 | ||||||||||||
Loan portfolio | 2,034 | 3,019 | (2,607 | ) | 2,446 | ||||||||||||
Other operating | 2,812 | 1,684 | (2,042 | ) | 2,454 | ||||||||||||
General and administrative | 14,167 | 13,810 | (1 | ) | 27,976 | ||||||||||||
Depreciation and amortization | 1,948 | 3,257 | — | 5,205 | |||||||||||||
Interest expense | 11,318 | 14,066 | (576 | ) | 24,808 | ||||||||||||
Impairments and other write-offs | 183 | 218 | — | 401 | |||||||||||||
Gain on disposal of assets | (2 | ) | (120 | ) | — | (122 | ) | ||||||||||
Adjustment to bargain purchase from business combinations | — | 115 | — | 115 | |||||||||||||
Total costs and expenses | 109,014 | 54,998 | (9,995 | ) | 154,017 | ||||||||||||
Income (loss) before provision for income taxes | 3,760 | (7,891 | ) | (7,174 | ) | (11,305 | ) | ||||||||||
Provision for income taxes | 184 | 156 | — | 340 | |||||||||||||
Net income (loss) | $ | 3,576 | $ | (8,047 | ) | $ | (7,174 | ) | $ | (11,645 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 70,339 | $ | 23,857 | $ | (8,622 | ) | $ | 85,574 | ||||||||
Consolidated resort operations | 19,973 | 5,549 | — | 25,522 | |||||||||||||
Vacation interest sales, net of provision (adjustment) of $17,174, $(1,081), $0 and $16.093, respectively | 174,253 | 28,511 | — | 202,764 | |||||||||||||
Interest | 1,378 | 39,515 | (1,839 | ) | 39,054 | ||||||||||||
Other | 25,719 | 20,884 | (26,411 | ) | 20,192 | ||||||||||||
Total revenues | 291,662 | 118,316 | (36,872 | ) | 373,106 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 22,225 | 10,118 | (6,746 | ) | 25,597 | ||||||||||||
Consolidated resort operations | 18,107 | 4,513 | — | 22,620 | |||||||||||||
Vacation Interest cost of sales | 13,347 | 3,828 | — | 17,175 | |||||||||||||
Advertising, sales and marketing | 107,451 | 18,128 | (988 | ) | 124,591 | ||||||||||||
Vacation Interest carrying cost, net | 15,002 | 13,581 | (1,909 | ) | 26,674 | ||||||||||||
Loan portfolio | 6,243 | 7,424 | (6,487 | ) | 7,180 | ||||||||||||
Other operating | 7,047 | 3,681 | (5,309 | ) | 5,419 | ||||||||||||
General and administrative | 41,807 | 29,133 | (3 | ) | 70,937 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Interest expense | 33,972 | 37,825 | (1,839 | ) | 69,958 | ||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Total costs and expenses | 270,936 | 113,413 | (23,281 | ) | 361,068 | ||||||||||||
Income (loss) before benefit for income taxes | 20,726 | 4,903 | (13,591 | ) | 12,038 | ||||||||||||
Benefit for income taxes | (880 | ) | (12,473 | ) | — | (13,353 | ) | ||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | 17,174 | (1,081 | ) | — | 16,093 | ||||||||||||
Amortization of capitalized financing costs and original issue discounts | 1,777 | 2,965 | — | 4,742 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | 2,282 | (706 | ) | — | 1,576 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Deferred income taxes | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Gain on foreign currency exchange | — | (98 | ) | — | (98 | ) | |||||||||||
Gain on mortgage repurchase | (26 | ) | — | — | (26 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (2,621 | ) | (28,405 | ) | (1 | ) | (31,027 | ) | |||||||||
Due from related parties, net | (10,492 | ) | 20,530 | 8,270 | 18,308 | ||||||||||||
Other receivables, net | 10,151 | 3,639 | (410 | ) | 13,380 | ||||||||||||
Prepaid expenses and other assets, net | (14,255 | ) | (4,290 | ) | (127 | ) | (18,672 | ) | |||||||||
Unsold Vacation Interests, net | (26,207 | ) | (20,804 | ) | 12,737 | (34,274 | ) | ||||||||||
Accounts payable | 2,872 | (560 | ) | — | 2,312 | ||||||||||||
Due to related parties, net | 20,695 | 35,886 | (7,785 | ) | 48,796 | ||||||||||||
Accrued liabilities | (1,087 | ) | 12,621 | 907 | 12,441 | ||||||||||||
Income taxes payable | (1,273 | ) | (773 | ) | — | (2,046 | ) | ||||||||||
Deferred revenues | (6,668 | ) | (2,194 | ) | — | (8,862 | ) | ||||||||||
Net cash provided by operating activities | 19,663 | 5,676 | — | 25,339 | |||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | (10,768 | ) | (505 | ) | — | (11,273 | ) | ||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Proceeds from sale of assets | 2 | 495 | — | 497 | |||||||||||||
Net cash used in by investing activities | $ | (10,766 | ) | $ | (51,645 | ) | $ | — | $ | (62,411 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | $ | (3,985 | ) | $ | (768 | ) | $ | — | $ | (4,753 | ) | ||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 82,864 | — | 82,864 | |||||||||||||
Proceeds from issuance of notes payable | 1,124 | 64,138 | — | 65,262 | |||||||||||||
Payments on securitization notes and Funding Facilities | — | (82,295 | ) | — | (82,295 | ) | |||||||||||
Payments on notes payable | (7,415 | ) | (15,930 | ) | — | (23,345 | ) | ||||||||||
Payments of debt issuance costs | 1 | (2,595 | ) | — | (2,594 | ) | |||||||||||
Payments of costs related to issuance of common and preferred units | (35 | ) | — | — | (35 | ) | |||||||||||
Net cash (used in) provided financing activities | (10,310 | ) | 45,414 | — | 35,104 | ||||||||||||
Net decrease in cash and cash equivalents | (1,413 | ) | (555 | ) | — | (1,968 | ) | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | 318 | — | 318 | |||||||||||||
Cash and cash equivalents, beginning of period | 10,836 | 9,061 | — | 19,897 | |||||||||||||
Cash and cash equivalents, end of period | $ | 9,423 | $ | 8,824 | $ | — | $ | 18,247 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 51,128 | $ | 20,971 | $ | — | $ | 72,099 | |||||||||
Cash paid for taxes, net of cash tax refunds | $ | 393 | $ | 1,944 | $ | — | $ | 2,337 | |||||||||
Purchase of assets in connection with PMR Acquisition: | |||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | 89,760 | $ | — | $ | 89,760 | |||||||||
Gain on bargain purchase recognized | — | (22,765 | ) | — | (22,765 | ) | |||||||||||
Cash paid | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Deferred tax liability | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 1,748 | $ | — | $ | 1,748 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,573 | $ | — | $ | — | $ | 7,573 | |||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | 1,353 | $ | — | $ | 1,353 | |||||||||
Assets held for sale reclassified to management contracts (other intangibles) | $ | — | $ | 192 | $ | — | $ | 192 | |||||||||
Geographic_Financial_Informati
Geographic Financial Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Geographic Financial Information [Abstract] | ' | ||||||||||||||||
Geographic Financial Information | ' | ||||||||||||||||
Geographic Financial Information | |||||||||||||||||
The Company conducts its Hospitality and Management Services and Vacation Interest Sales and Financing operations in two geographic areas: North America and Europe. The Company’s North America operations include the Company’s managed resorts in the continental U.S., Hawaii, Mexico and the Caribbean, and the Company’s Europe operations include the Company’s managed resorts in England, Scotland, Ireland, Italy, Spain, Portugal, Austria, Malta, France and Greece. The following table reflects total revenue and assets by geographic area for the periods ended on, or as of, the dates presented below (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | |||||||||||||||||
North America | $ | 168,172 | $ | 131,358 | $ | 459,457 | $ | 341,003 | |||||||||
Europe | 23,430 | 11,354 | 59,470 | 32,103 | |||||||||||||
Total Revenues | $ | 191,602 | $ | 142,712 | $ | 518,927 | $ | 373,106 | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Mortgages and contracts receivable, net | |||||||||||||||||
North America | $ | 374,142 | $ | 310,955 | |||||||||||||
Europe | 3,371 | 1,977 | |||||||||||||||
Total mortgages and contracts receivable, net | $ | 377,513 | $ | 312,932 | |||||||||||||
Unsold Vacation Interests, net | |||||||||||||||||
North America | $ | 258,824 | $ | 275,352 | |||||||||||||
Europe | 42,885 | 40,515 | |||||||||||||||
Total unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Property and equipment, net | |||||||||||||||||
North America | $ | 56,803 | $ | 50,643 | |||||||||||||
Europe | 4,415 | 4,477 | |||||||||||||||
Total property and equipment, net | $ | 61,218 | $ | 55,120 | |||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||
North America | $ | 223,852 | $ | 103,141 | |||||||||||||
Europe | 7,273 | 9,357 | |||||||||||||||
Total goodwill and intangible assets, net | $ | 231,125 | $ | 112,498 | |||||||||||||
Total long-term assets, net | |||||||||||||||||
North America | $ | 913,621 | $ | 740,091 | |||||||||||||
Europe | 57,944 | 56,326 | |||||||||||||||
Total long-term assets, net | $ | 971,565 | $ | 796,417 | |||||||||||||
Subsequent_events_Subsequent_e
Subsequent events Subsequent events (Notes) | 1 Months Ended |
Aug. 08, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
Note 27 — Subsequent Events | |
On October 18, 2013, the Company entered into an amended and restated Conduit Facility agreement to increase the maximum facility balance under the Conduit Facility from $125.0 million to $180.0 million until the Company completes a securitization transaction or another VOI receivable-backed financing transaction. Upon the completion of such a securitization or financing transaction, the maximum facility balance will be the higher of the then-outstanding balance on the Conduit Facility and $125.0 million. | |
On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes at an aggregate redemption price of $24.4 million and $1.8 million, respectively, by using the proceeds from borrowings under the Conduit Facility. | |
On October 25, 2013, the Company paid off in full the $15.0 million then-outstanding principal balance under the Revolving Credit Facility using the proceeds from borrowings under the Conduit Facility. | |
On October 28, 2013, the Company paid off in full the then-outstanding principal balance under the Island One Receivables Loan in an amount equal to $4.1 million using the Company's general corporate funds. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
y Issued Accounting Pronouncements | |
There have been no new accounting pronouncements issued that affect the Company since the quarter ended June 30, 2013. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation—The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Estimates—The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts and income taxes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's consolidated financial statements. | |
Significant estimates were also used by the Company to record a provision for contracts receivable losses. This provision was calculated as projected gross losses for originated contracts receivable, taking into account estimated VOI recoveries. The Company applied its historical default percentages based on credit scores of the individual customers to its mortgage and contracts receivable population and evaluated other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | |
Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the ILX Acquisition, the Tempus Resorts Acquisition, the PMR Acquisition, the Aegean Blue Acquisition, the Island One Acquisition and the PMR Service Companies Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, mortgages and contracts receivable, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to loan defaults, recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interest sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interest sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points sold used to allocate certain unsold Vacation Interests to Vacation Interest cost of sales under the relative sales value method; and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. | |
The Co |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
vacation interest sales, net of provision [Table Text Block] | ' | ||||||||||||||||
Vacation Interest sales, net of provision, consists of the following for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Vacation Interest Sales | $ | 137,559 | $ | 89,594 | $ | 355,546 | $ | 218,857 | |||||||||
Provision for uncollectible Vacation Interest sales revenue | (13,851 | ) | (6,276 | ) | (29,731 | ) | (16,093 | ) | |||||||||
Vacation Interest sales, net of provision | $ | 123,708 | $ | 83,318 | $ | 325,815 | $ | 202,764 | |||||||||
Cash_in_Escrow_and_Restricted_1
Cash in Escrow and Restricted Cash (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | ||||||||
Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 21,910 | $ | 15,416 | |||||
Collected on behalf of HOAs and other | 16,355 | 11,617 | |||||||
Escrow | 12,235 | 8,134 | |||||||
Rental trust | 8,141 | 6,040 | |||||||
Bonds and deposits | 2,601 | 1,104 | |||||||
Total cash in escrow and restricted cash | $ | 61,242 | $ | 42,311 | |||||
Mortgages_and_Contracts_Receiv1
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Financing Receivable, Net [Abstract] | ' | |||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Mortgages and contracts receivable, acquired — the Sunterra Merger | $ | 21,235 | $ | 30,721 | ||||||||||||||
Mortgages and contracts receivable, contributed | 576 | 1,337 | ||||||||||||||||
Mortgages and contracts receivable, originated | 374,158 | 290,264 | ||||||||||||||||
Mortgages and contracts receivable, purchased | 65,065 | 64,932 | ||||||||||||||||
Mortgages and contracts receivable, gross | 461,034 | 387,254 | ||||||||||||||||
Allowance for loan and contract losses | (98,153 | ) | (83,784 | ) | ||||||||||||||
Deferred profit on Vacation Interest transactions | (2,372 | ) | (6,113 | ) | ||||||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 6,787 | 4,810 | ||||||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 10,026 | 10,512 | ||||||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 441 | 564 | ||||||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | (250 | ) | (311 | ) | ||||||||||||||
Mortgages and contracts receivable, net | $ | 377,513 | $ | 312,932 | ||||||||||||||
Other receivables, net, as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||
Mini-vacation and sampler programs receivable, net of allowance of $389 and $427, respectively | $ | 11,890 | $ | 9,512 | ||||||||||||||
Mortgage and contracts interest receivable | 4,426 | 4,398 | ||||||||||||||||
Rental receivables and other resort management-related receivables, net of allowance of $260 and $1,210, respectively | 4,252 | 2,935 | ||||||||||||||||
Owner maintenance fee receivable, net of allowance of $3,529 and $2,993, respectively | 3,320 | 2,230 | ||||||||||||||||
Club dues receivable, net of allowance of $14,478 and $15,034, respectively | 2,654 | 22,012 | ||||||||||||||||
Tax refund receivable | 2,294 | 2,239 | ||||||||||||||||
Insurance claims receivable | 7 | 54 | ||||||||||||||||
THE Club conversion receivable, net of allowance of $243 and $249, respectively | — | 35 | ||||||||||||||||
Other receivables | 4,134 | 2,634 | ||||||||||||||||
Total other receivables, net | $ | 32,977 | $ | 46,049 | ||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Balance, beginning of period | $ | 87,193 | $ | 80,901 | $ | 83,784 | $ | 84,098 | ||||||||||
Provision for uncollectible Vacation Interest sales revenue | 13,659 | 6,700 | 29,128 | 17,277 | (a) | |||||||||||||
Provision for purchased portfolios | 3,972 | (430 | ) | 3,972 | 3,174 | |||||||||||||
Mortgages and contracts receivable charged off | (7,617 | ) | (7,883 | ) | (21,486 | ) | (30,037 | ) | ||||||||||
Recoveries | 925 | 1,479 | 2,757 | 6,249 | ||||||||||||||
Effect of translation rate | 21 | 13 | (2 | ) | 19 | |||||||||||||
Balance, end of period | $ | 98,153 | $ | 80,780 | $ | 98,153 | $ | 80,780 | ||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||
A summary of credit quality as of the dates presented below is as follows (in thousands): | ||||||||||||||||||
FICO Scores | September 30, 2013 | 31-Dec-12 | ||||||||||||||||
>799 | $ | 38,639 | $ | 31,199 | ||||||||||||||
700 – 799 | 223,144 | 181,456 | ||||||||||||||||
600 – 699 | 151,602 | 127,423 | ||||||||||||||||
<600 | 26,414 | 24,686 | ||||||||||||||||
No FICO Scores | 21,235 | 22,490 | ||||||||||||||||
$ | 461,034 | 387,254 | ||||||||||||||||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
Due from related parties, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Amounts due from HOAs | $ | 28,236 | $ | 13,346 | |||||
Amounts due from Collections | 7,092 | 8,970 | |||||||
Amounts due from other | 1,130 | 679 | |||||||
Total due from related parties, net | $ | 36,458 | $ | 22,995 | |||||
Due to related parties, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Amounts due to HOAs | $ | 38,178 | $ | 33,441 | |||||
Amounts due to Collections | 40,736 | 30,563 | |||||||
Amounts due to other | 365 | 200 | |||||||
Total due to related parties, net | $ | 79,279 | $ | 64,204 | |||||
Postretirement_Benefit_Plan_Ta
Post-retirement Benefit Plan (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Post-retirement Benefit Plan [Abstract] | ' | ||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||
Components of net benefit costs were as follows for the nine months ended September 30, 2013 (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Service cost | $ | 322 | |||
Interest cost | 153 | ||||
Amortization of prior service costs | 299 | ||||
Net pension cost | $ | 774 | |||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||
A summary of benefit obligations, fair value of plan assets and funded status is as follows (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Projected obligations at January 1, 2013 | $ | 2,183 | |||
Service costs | 322 | ||||
Interest costs | 153 | ||||
Losses | 223 | ||||
Benefits paid | (41 | ) | |||
Projected obligations at September 30, 2013 | $ | 2,840 | |||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||
At September 30, 2013, the Company had no plan assets. The benefit obligation and plan assets as of September 30, 2013 were as follows (in thousands): | |||||
30-Sep-13 | |||||
Fair value of plan assets | $ | — | |||
Benefit obligation | 2,840 | ||||
Unfunded obligation | $ | 2,840 | |||
Schedule of Assumptions Used [Table Text Block] | ' | ||||
Weighted average assumptions used to determine net benefit cost for the three and nine months ended September 30, 2013 were as follows: | |||||
30-Sep-13 | |||||
Settlement (discount) rate | 3.31 | % | |||
Increase in future compensation | 3 | % | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||
Amounts recognized in accumulated other comprehensive loss at September 30, 2013 consisted of the following (in thousands): | |||||
30-Sep-13 | |||||
Net loss | $ | 223 | |||
Prior year service cost | 1,883 | ||||
Total amounts included in accumulated other comprehensive loss | $ | 2,106 | |||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss were as follows (in thousands): | |||||
Nine Months Ended September 30, 2013 | |||||
Net loss | $ | 223 | |||
Amortization of prior service costs | 299 | ||||
Total recognized in other comprehensive loss | 522 | ||||
Net pension cost | 774 | ||||
Total recognized in net pension cost and other comprehensive loss | $ | 1,296 | |||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
Prepaid expenses and other assets, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Debt issuance costs, net | $ | 19,472 | $ | 22,143 | |||||
Unamortized maintenance fees | 16,066 | — | |||||||
Deferred commissions | 12,363 | 8,881 | |||||||
Vacation Interest purchases in transit | 9,985 | 3,262 | |||||||
Prepaid member benefits and affinity programs | 5,738 | 3,881 | |||||||
Deposits and advances | 4,035 | 3,848 | |||||||
Prepaid insurance | 3,485 | 2,382 | |||||||
Other inventory or consumables | 3,330 | 3,299 | |||||||
Unamortized exchange fees | 2,479 | — | |||||||
Prepaid professional fees | 2,141 | 1,231 | |||||||
Prepaid sales and marketing costs | 1,364 | 798 | |||||||
Deferred inventory recovery agreements | 1,274 | — | |||||||
Prepaid rent | 592 | 296 | |||||||
Prepaid maintenance fees | 566 | 4,208 | |||||||
Assets to be disposed (not actively marketed) | 525 | 526 | |||||||
Other | 5,466 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 88,881 | $ | 58,024 | |||||
Unsold_Vacation_Interests_Net_
Unsold Vacation Interests, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||||||
Unsold Vacation Interests, Net | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | 31-Dec-12 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 254,549 | $ | 268,007 | |||||||||||||
Undeveloped land | 33,358 | 38,786 | |||||||||||||||
Vacation Interest construction in progress | 13,802 | 9,074 | |||||||||||||||
Unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months ended September 30, | Nine Months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance, beginning of period | $ | 307,613 | $ | 320,712 | $ | 315,867 | $ | 256,805 | |||||||||
Vacation Interest cost of sales | (18,605 | ) | (16,778 | ) | (45,451 | ) | (17,175 | ) | |||||||||
Inventory recovery activity - North America | 179 | 9,081 | 20,127 | 26,467 | |||||||||||||
Inventory recovery activity - Europe | 3,086 | 11,785 | 4,478 | 14,883 | |||||||||||||
Purchases in connection with business combinations | 4,823 | — | 4,823 | 36,221 | |||||||||||||
Open market and bulk purchases | 181 | 2,728 | 1,609 | 3,977 | |||||||||||||
Accrued bulk purchases | (804 | ) | — | 662 | — | ||||||||||||
Capitalized legal, title and trust fees | (39 | ) | 1,081 | 1,107 | 2,132 | ||||||||||||
Construction in progress | 1,387 | 527 | 3,579 | 989 | |||||||||||||
Loan default recoveries, net | 612 | 361 | 2,572 | 3,116 | |||||||||||||
Transfers from (to) assets held for sale | 835 | — | (9,316 | ) | 1,315 | ||||||||||||
Impairment of inventory | (1,200 | ) | — | (1,200 | ) | — | |||||||||||
Effect of foreign currency translation | 2,355 | 866 | 1,062 | 1,569 | |||||||||||||
Other | 1,286 | (275 | ) | 1,790 | (211 | ) | |||||||||||
Balance, end of period | $ | 301,709 | $ | 330,088 | $ | 301,709 | $ | 330,088 | |||||||||
See Note 2—Summary of Significant Accounting Policies to the Annual Financial Statements included in the Final Prospectus for discussions on unsold Vacation Interests, net. | |||||||||||||||||
In connection with the Island One Acquisition, the Company acquired $4.8 million in unsold Vacation Interests, net based on a preliminary appraisal. See "Note 22—Business Combinations" for further details. | |||||||||||||||||
During the three months ended September 30, 2013, the Company recorded a $1.2 million impairment loss attributable to the write down of certain parcels of vacant land in the United States to its net realizable value based on a third-party appraisal. | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | 31-Dec-12 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 254,549 | $ | 268,007 | |||||||||||||
Undeveloped land | 33,358 | 38,786 | |||||||||||||||
Vacation Interest construction in progress | 13,802 | 9,074 | |||||||||||||||
Unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Activity Related to unsold Vacation Interests [Table Text Block] | ' | ||||||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months ended September 30, | Nine Months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance, beginning of period | $ | 307,613 | $ | 320,712 | $ | 315,867 | $ | 256,805 | |||||||||
Vacation Interest cost of sales | (18,605 | ) | (16,778 | ) | (45,451 | ) | (17,175 | ) | |||||||||
Inventory recovery activity - North America | 179 | 9,081 | 20,127 | 26,467 | |||||||||||||
Inventory recovery activity - Europe | 3,086 | 11,785 | 4,478 | 14,883 | |||||||||||||
Purchases in connection with business combinations | 4,823 | — | 4,823 | 36,221 | |||||||||||||
Open market and bulk purchases | 181 | 2,728 | 1,609 | 3,977 | |||||||||||||
Accrued bulk purchases | (804 | ) | — | 662 | — | ||||||||||||
Capitalized legal, title and trust fees | (39 | ) | 1,081 | 1,107 | 2,132 | ||||||||||||
Construction in progress | 1,387 | 527 | 3,579 | 989 | |||||||||||||
Loan default recoveries, net | 612 | 361 | 2,572 | 3,116 | |||||||||||||
Transfers from (to) assets held for sale | 835 | — | (9,316 | ) | 1,315 | ||||||||||||
Impairment of inventory | (1,200 | ) | — | (1,200 | ) | — | |||||||||||
Effect of foreign currency translation | 2,355 | 866 | 1,062 | 1,569 | |||||||||||||
Other | 1,286 | (275 | ) | 1,790 | (211 | ) | |||||||||||
Balance, end of period | $ | 301,709 | $ | 330,088 | $ | 301,709 | $ | 330,088 | |||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property and equipment, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Land and improvements | $ | 18,624 | $ | 16,828 | |||||
Buildings and leasehold improvements | 34,818 | 32,932 | |||||||
Furniture and office equipment | 18,127 | 16,180 | |||||||
Computer software | 23,916 | 17,370 | |||||||
Computer equipment | 12,357 | 10,358 | |||||||
Construction in progress | 116 | 25 | |||||||
Property and equipment, gross | 107,958 | 93,693 | |||||||
Less accumulated depreciation | (46,740 | ) | (38,573 | ) | |||||
Property and equipment, net | $ | 61,218 | $ | 55,120 | |||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||
Goodwill and other intangible assets, net, as of September 30, 2013 consisted of the following (in thousands): | ntangible assets, net, as of December 31, 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Book | Gross Carrying | Accumulated | Net Book | |||||||||||||||||||||
Cost | Amortization | Value | Cost | Amortization | Value | |||||||||||||||||||||
Goodwill | $ | 27,665 | $ | — | $ | 27,665 | Goodwill | $ | — | $ | — | $ | — | |||||||||||||
Management contracts | 202,518 | (28,152 | ) | 174,366 | Management contracts | 117,672 | (20,931 | ) | 96,741 | |||||||||||||||||
Member relationships | 39,676 | (30,473 | ) | 9,203 | Member relationships | 38,017 | (26,348 | ) | 11,669 | |||||||||||||||||
Distributor relationships and other | 21,226 | (1,335 | ) | 19,891 | Distributor relationships and other | 4,866 | (778 | ) | 4,088 | |||||||||||||||||
$ | 291,085 | $ | (59,960 | ) | $ | 231,125 | $ | 160,555 | $ | (48,057 | ) | $ | 112,498 | |||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
Accrued liabilities as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Accrued payroll and related | $ | 27,240 | $ | 22,313 | |||||
Accrued commissions | 14,916 | 12,021 | |||||||
Accrued other taxes | 10,500 | 7,165 | |||||||
Accrued marketing expenses | 9,721 | 12,189 | |||||||
Accrued interest | 8,565 | 23,627 | |||||||
Accrued exchange company fees | 4,694 | 1,209 | |||||||
Accrued insurance | 3,224 | 4,983 | |||||||
Accrued operating lease liabilities | 3,617 | 3,438 | |||||||
Accrued liability related to business combinations | 3,478 | 3,400 | |||||||
Accrued professional fees | 2,839 | 5,472 | |||||||
Accrued call center costs | 1,633 | 2,060 | |||||||
Deposits on pending sale of assets | 1,305 | 2,693 | |||||||
Accrued contingent litigation liabilities | 963 | 1,102 | |||||||
Other | 6,251 | 4,779 | |||||||
Total accrued liabilities | $ | 98,946 | $ | 106,451 | |||||
Deferred_Revenues_Tables
Deferred Revenues (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||
Deferred revenues as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2013 | 31-Dec-12 | ||||||||
Deferred mini-vacation and sampler program revenue | $ | 50,292 | $ | 33,633 | |||||
Deferred maintenance and reserve fee revenue | 19,270 | 13,335 | |||||||
Club deferred revenue | 12,901 | 41,097 | |||||||
Accrued guest deposits | 3,544 | 2,100 | |||||||
Deferred revenue from an exchange company | 1,996 | 2,350 | |||||||
Deferred amenity fee revenue | 606 | — | |||||||
Deferred management fees and allocation revenue | 324 | 360 | |||||||
Other | 805 | 958 | |||||||
Total deferred revenues | $ | 89,738 | $ | 93,833 | |||||
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
he following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Secured Notes | $ | 374,440 | 12.00% | 8/15/18 | $ | — | $ | — | $ | 425,000 | |||||||||||
Original issue discount related to Senior Secured Notes | (6,798 | ) | — | — | (8,509 | ) | |||||||||||||||
Revolving Credit Facility | 15,000 | 4.20% | 9/11/17 | — | 10,000 | — | |||||||||||||||
Notes payable-insurance policies (2) | 2,303 | 3.20% | Various | — | — | 2,366 | |||||||||||||||
Island One Note Payable (2) | 696 | 5.00% | 5/27/16 | — | — | — | |||||||||||||||
Notes payable-other (2) | 348 | 5.60% | Various | — | — | 872 | |||||||||||||||
Total Corporate Indebtedness | 385,989 | — | 10,000 | 419,729 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | 12,256 | 7.50% | 8/31/15 | — | — | 15,939 | |||||||||||||||
DPM Inventory Loan (1)(2)(3) | 4,786 | 8.00% | Various | — | — | 1,267 | |||||||||||||||
Tempus Inventory Loan (1)(2)(3) | 2,464 | 7.50% | 6/30/16 | — | — | 2,992 | |||||||||||||||
Notes payable-other (1)(2)(3) | 13 | —% | 11/18/15 | — | — | 18 | |||||||||||||||
PMR Acquisition Loan (1)(2)(3)(4) | — | — | — | 62,211 | |||||||||||||||||
Tempus Acquisition Loan (1)(2)(3)(4) | — | — | — | 50,846 | |||||||||||||||||
Note Payable-RFA fees (1)(2)(3) | — | — | — | 1,395 | |||||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 19,519 | — | — | 134,668 | |||||||||||||||||
Conduit Facility (1) | 104,970 | 3.80% | 4/10/15 | 116,167 | 20,030 | -5 | 75,000 | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-1 (1) | 69,231 | 2.00% | 1/20/25 | 71,949 | — | — | |||||||||||||||
Quorum Facility (1) | 56,098 | 5.90% | 12/31/15 | 59,368 | 23,902 | -5 | 52,417 | ||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 30,990 | 6.00% | 12/20/23 | 35,802 | — | — | |||||||||||||||
Diamond Resorts Owner Trust Series 2009-1 (1) | 28,665 | 9.50% | 3/20/26 | 69,000 | — | 50,025 | |||||||||||||||
Original issue discount related to Diamond | (269 | ) | — | — | (441 | ) | |||||||||||||||
Resorts Owner Trust Series 2009-1 | |||||||||||||||||||||
Diamond Resorts Owner Trust Series 2011-1 (1) | 27,156 | 4.00% | 3/20/23 | 27,662 | — | 36,849 | |||||||||||||||
Original issue discount related to Diamond | (246 | ) | — | — | (312 | ) | |||||||||||||||
Resorts Owner Trust Series 2011-1 | |||||||||||||||||||||
ILXA Receivables Loan (1)(3) | 4,985 | 10.00% | 8/31/15 | 2,691 | — | 5,832 | |||||||||||||||
Island One Quorum Funding Facility (1) | 4,270 | 8.00% | 1/30/15 | 5,010 | — | — | |||||||||||||||
Island One Receivables Loan (1) | 4,105 | 7.00% | 5/24/16 | 5,761 | — | — | |||||||||||||||
Island One Conduit Facility (1) | 107 | 7.40% | 9/30/16 | 908 | — | — | |||||||||||||||
Tempus Receivables Loan (1)(3) | — | — | — | 44,027 | |||||||||||||||||
Payments in transit (1)(3) | — | — | — | (1,150 | ) | ||||||||||||||||
10% participation interest (Tempus Acquisition, LLC) (1)(3) | — | — | — | (5,945 | ) | ||||||||||||||||
Total Securitization Notes and Funding Facilities | 330,062 | 394,318 | 43,932 | 256,302 | |||||||||||||||||
Total | $ | 735,570 | $ | 394,318 | $ | 53,932 | $ | 810,699 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) Borrowing from lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor | |||||||||||||||||||||
(5) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. |
Fair_Value_Measurements_Estima
Fair Value Measurements Estimated fair values (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of September 30, 2013 were as follows (in thousands): | The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||||||||||
Total assets | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 15,000 | $ | 15,000 | $ | 15,000 | $ | — | Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | |||||||||||||||||
Senior Secured Notes, net | 367,642 | 415,628 | 415,628 | — | Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | |||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 330,062 | 332,891 | 332,891 | — | Notes payable | 137,906 | 137,769 | 137,769 | — | |||||||||||||||||||||||||
Notes payable | 22,866 | 22,670 | 22,670 | — | Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | |||||||||||||||||||||
Total liabilities | $ | 735,570 | $ | 786,189 | $ | 786,189 | $ | — | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ' | ||||||||||||||||||||||||||||||||
ote 18 — Fair Value Measurements | ||||||||||||||||||||||||||||||||||
ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | ||||||||||||||||||||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | |||||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs used when little or no market data is available. | |||||||||||||||||||||||||||||||||
As of September 30, 2013, the only assets and liabilities of the Company measured at fair value on a recurring basis were its derivative instruments, which consisted of the July 2013 Swap Agreement and the August 2013 Swap Agreement. The July 2013 Swap Agreement and the August 2013 Swap Agreement had an aggregate fair value of $0.7 million based on valuation reports provided by counterparties and were classified as Level 3, based on the fact that the credit risk data used for the valuation is not directly observable and cannot be corroborated by observable market data. The Company’s assessment of the significant inputs to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See "Note 3—Concentrations of Risk" for further detail on these swap agreements. As of December 31, 2012, the Company's derivative instruments were the 2010 Cap Agreement and the 2012 Cap Agreements, which had fair values of $0 based on valuation reports provided by counterparties. | ||||||||||||||||||||||||||||||||||
As of September 30, 2013, mortgages and contracts receivable had a balance of $377.5 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjusts the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at September 30, 2013. These financial assets were classified as Level 3 as there is little market data available. | ||||||||||||||||||||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of September 30, 2013 based on a quoted price of 111.0 on a restricted bond market, as they were not actively traded on the open market. | ||||||||||||||||||||||||||||||||||
As of September 30, 2013, the Company’s Conduit Facility, DROT 2009 Notes, DROT 2011 Notes, DROT 2013 Notes and the Tempus 2013 Notes were classified as Level 2. The fair value of the DROT 2009 Notes, DROT 2011 Notes and DROT 2013 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. The Company believes the fair value of the Conduit Facility and the Tempus 2013 Notes approximated their carrying value due to the fact that they were recently amended and, therefore, measured using other significant observable inputs including the current refinancing activities. | ||||||||||||||||||||||||||||||||||
As of September 30, 2013, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Inventory Loan, the DPM Inventory Loan, the Island One Receivables Loan, the Island One Quorum Funding Facility and the Island One Conduit Facility were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | ||||||||||||||||||||||||||||||||||
As of September 30, 2013, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, mortgages and contracts receivable had a balance of $312.9 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjust the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2012. These financial assets are classified as Level 3 as there is little market data available. | ||||||||||||||||||||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2012 based on a quoted price of 109.0 on a restricted bond market, as they were not actively traded on the open market. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company’s Conduit Facility, DROT 2009 Notes and DROT 2011 Notes were classified as Level 2. The Company believes the fair value of the Conduit Facility approximated its carrying value due to the fact that it was recently amended and was, therefore, measured using other significant observable inputs, including the current refinancing activities. The fair value of the DROT 2009 Notes and DROT 2011 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Acquisition Loan, the Tempus Receivables Loan, the Tempus Inventory Loan, the PMR Acquisition Loan and the DPM Inventory Loan were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company believes the fair value of the borrowings under Notes Payable—RFA fees approximated its carrying value as the carrying value represents the net present value of all future payments using an imputed interest rate of 10.0%. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | ||||||||||||||||||||||||||||||||||
In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. | ||||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of September 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | ||||||||||||||||||||||||||
Total assets | $ | 377,513 | $ | 377,513 | $ | — | $ | 377,513 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 15,000 | $ | 15,000 | $ | 15,000 | $ | — | ||||||||||||||||||||||||||
Senior Secured Notes, net | 367,642 | 415,628 | 415,628 | — | ||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 330,062 | 332,891 | 332,891 | — | ||||||||||||||||||||||||||||||
Notes payable | 22,866 | 22,670 | 22,670 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 735,570 | $ | 786,189 | $ | 786,189 | $ | — | ||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | ||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | ||||||||||||||||||||||||||||||
Notes payable | 137,906 | 137,769 | 137,769 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | ||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table sets forth fair value per share information, including related assumptions, used to determine compensation cost for the Company’s non-qualified stock options consistent with the requirements of ASC 718. | |||||||||||||||||||||||||||
Three and nine months ended | |||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||
Weighted Average HM&C employees | Weighted Average Company Employees | ||||||||||||||||||||||||||
Fair value per share | $ | 8.9 | $ | 7.4 | |||||||||||||||||||||||
Expected stock price volatility | 49.8 | % | 52.9 | % | |||||||||||||||||||||||
Expected option life (years) | 9.13 | 6.55 | |||||||||||||||||||||||||
Risk-free interest rate | 2.4 | % | 1.8 | % | |||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | |||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||
Stock option activity related to grants issued to the employees of HM&C and employees of the Company during the nine months ended September 30, 2013 was as follows: | |||||||||||||||||||||||||||
HM&C Employees | Company Employees | ||||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
(In thousands) | (Per Share) | (Years) | (In thousands) | (In thousands) | (Per Share) | (Years) | (In thousands) | ||||||||||||||||||||
Outstanding at January 1, 2013 | — | $ | — | 0 | — | — | $ | — | — | $ | — | ||||||||||||||||
Granted | 4,458 | 14 | 0 | — | 1,974 | 14 | 0 | $ | — | ||||||||||||||||||
Outstanding at September 30, 2013 | 4,458 | 14 | 9.8 | $ | 21,443 | 1,974 | 14 | 9.8 | $ | 9,497 | |||||||||||||||||
Exercisable at September 30, 2013 | 3,731 | $ | 14 | 9.8 | $ | 17,945 | 697 | $ | 14 | 9.8 | $ | 3,355 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||
(In thousands) | (Per Share) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | ||||||||||||||||||||||||
Granted | 32 | 14 | |||||||||||||||||||||||||
Vested | — | 14 | |||||||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||||||
Unvested at September 30, 2013 | 32 | $ | 14 | ||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||
HM&C Employees | Company Employees | ||||||||||||||||||||||||||
Options (In thousands) | Weighted-Average Exercise Price | Options (In thousands) | Weighted-Average Exercise Price | ||||||||||||||||||||||||
(Per Share) | (Per Share) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | — | $ | — | |||||||||||||||||||||
Granted | 4,458 | 14 | 1,974 | 14 | |||||||||||||||||||||||
Vested | (3,731 | ) | 14 | (697 | ) | 14 | |||||||||||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||||||||||||
Unvested at September 30, 2013 | 727 | $ | 14 | 1,277 | $ | 14 | |||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three and the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||
HM&C Employees Options | Company Employees Options | Director common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||
Stock-based compensation expense recognized | $ | 32,283 | $ | 6,041 | $ | 171 | $ | 38,495 | |||||||||||||||||||
The following table summarizes the effect of the stock-based compensation for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||
Management | Interest Sales | Other | |||||||||||||||||||||||||
Services | and Financing | ||||||||||||||||||||||||||
Management and member services | $ | 808 | $ | — | $ | — | $ | 808 | |||||||||||||||||||
Advertising, sales and marketing | — | 1,950 | — | 1,950 | |||||||||||||||||||||||
Vacation interest carrying cost, net | — | 174 | — | 174 | |||||||||||||||||||||||
Loan portfolio | — | 174 | — | 174 | |||||||||||||||||||||||
General and Administrative | — | — | 35,389 | 35,389 | |||||||||||||||||||||||
Total | $ | 808 | $ | 2,298 | $ | 35,389 | $ | 38,495 | |||||||||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||
The following table summarizes the Company’s deferred stock-based compensation expense as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||
HM&C Employees Options | Company Employees Options | Director common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||
Deferred stock-based compensation expense | $ | 7,485 | $ | 7,735 | $ | 758 | $ | 15,978 | |||||||||||||||||||
Weighted-average remaining amortization period | 2.9 | 2.9 | 1.7 | 2.9 | |||||||||||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
Acquired Island One intangible assets consist of the following (dollars in thousands): | ||||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | |||||||||||||||||||||||||||||
Management contracts | 15 | $ | 33,850 | |||||||||||||||||||||||||||
Member exchange club | 20 | 16,360 | ||||||||||||||||||||||||||||
Customer Lists | 3 | 1,620 | ||||||||||||||||||||||||||||
Total acquired intangible assets | $ | 51,830 | ||||||||||||||||||||||||||||
Acquired PMR Service Companies intangible assets consist of the following (dollars in thousands): | ||||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | |||||||||||||||||||||||||||||
Management contracts | 15 | $ | 50,910 | |||||||||||||||||||||||||||
Total acquired intangible assets | $ | 50,910 | ||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands): | ||||||||||||||||||||||||||||||
Based on Preliminary Appraisal | ||||||||||||||||||||||||||||||
Consideration: | ||||||||||||||||||||||||||||||
DRII common stock | $ | 73,307 | ||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 73,307 | ||||||||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 725 | ||||||||||||||||||||||||||||
Restricted cash | 1,264 | |||||||||||||||||||||||||||||
Due from related parties, net | 3,357 | |||||||||||||||||||||||||||||
Mortgages and contracts receivable | 14,106 | |||||||||||||||||||||||||||||
Other receivables, net | 2,175 | |||||||||||||||||||||||||||||
Prepaid expenses and other assets | 3,536 | |||||||||||||||||||||||||||||
Unsold Vacation Interests, net | 4,823 | |||||||||||||||||||||||||||||
Property and equipment, net | 1,348 | |||||||||||||||||||||||||||||
Intangible assets | 51,830 | |||||||||||||||||||||||||||||
Total assets | 83,164 | |||||||||||||||||||||||||||||
Deferred tax liability | 18,317 | |||||||||||||||||||||||||||||
Liabilities assumed | 19,205 | |||||||||||||||||||||||||||||
Total identifiable assets | $ | 45,642 | ||||||||||||||||||||||||||||
Goodwill recognized | $ | 27,665 | ||||||||||||||||||||||||||||
The Company recorded a $2.8 million gain on bargain purchase from business combinations in accordance with ASC 805-30-25. | ||||||||||||||||||||||||||||||
Based on Preliminary Appraisal | ||||||||||||||||||||||||||||||
Consideration: | ||||||||||||||||||||||||||||||
Cash | $ | 47,758 | ||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 47,758 | ||||||||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | ||||||||||||||||||||||||||||||
Due from related parties, net | $ | 328 | ||||||||||||||||||||||||||||
Other receivables, net | 1,053 | |||||||||||||||||||||||||||||
Management contracts | 50,910 | |||||||||||||||||||||||||||||
Total assets | 52,291 | |||||||||||||||||||||||||||||
Deferred tax liability | 1,622 | |||||||||||||||||||||||||||||
Liabilities assumed | 155 | |||||||||||||||||||||||||||||
Total identifiable net assets | $ | 50,514 | ||||||||||||||||||||||||||||
Gain on bargain purchase from business combination | $ | 2,756 | ||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
The following table presents unaudited consolidated pro forma revenues and net (loss) income of the Company as if the closing of the Island One Acquisition and the closing of the PMR Service Companies Acquisition had occurred on January 1, 2012 for purposes of the financial information presented for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||
Revenue | $ | 195,539 | $ | 150,162 | $ | 542,158 | $ | 400,016 | ||||||||||||||||||||||
Net (loss) income | $ | (30,223 | ) | $ | (11,377 | ) | $ | (6,864 | ) | $ | 30,810 | |||||||||||||||||||
Net (loss) income per share - basic and diluted | $ | (0.42 | ) | $ | (0.20 | ) | $ | (0.11 | ) | $ | 0.55 | |||||||||||||||||||
Weighted average common shares outstanding - | 72,268 | 55,532 | 63,666 | 55,532 | ||||||||||||||||||||||||||
basic and diluted | ||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
Goodwill and other intangible assets, net, as of September 30, 2013 consisted of the following (in thousands): | ntangible assets, net, as of December 31, 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Book | Gross Carrying | Accumulated | Net Book | |||||||||||||||||||||||||
Cost | Amortization | Value | Cost | Amortization | Value | |||||||||||||||||||||||||
Goodwill | $ | 27,665 | $ | — | $ | 27,665 | Goodwill | $ | — | $ | — | $ | — | |||||||||||||||||
Management contracts | 202,518 | (28,152 | ) | 174,366 | Management contracts | 117,672 | (20,931 | ) | 96,741 | |||||||||||||||||||||
Member relationships | 39,676 | (30,473 | ) | 9,203 | Member relationships | 38,017 | (26,348 | ) | 11,669 | |||||||||||||||||||||
Distributor relationships and other | 21,226 | (1,335 | ) | 19,891 | Distributor relationships and other | 4,866 | (778 | ) | 4,088 | |||||||||||||||||||||
$ | 291,085 | $ | (59,960 | ) | $ | 231,125 | $ | 160,555 | $ | (48,057 | ) | $ | 112,498 | |||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Mar. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about the Company’s operations in different business segments for the periods presented below is as follows: | CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | For the Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 and 2012 | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Management | Interest Sales | Other | Management | Interest Sales | Other | Management | Interest Sales | Other | Management | Interest Sales | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | and Financing | Services | and Financing | Services | and Financing | Services | and Financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and member services | $ | 33,610 | $ | — | $ | — | $ | 33,610 | $ | 29,999 | $ | — | $ | — | $ | 29,999 | Management and member services | $ | 96,304 | $ | — | $ | — | $ | 96,304 | $ | 85,574 | $ | — | $ | — | $ | 85,574 | |||||||||||||||||||||||||||||||||
Consolidated resort operations | 9,326 | — | — | 9,326 | 8,361 | — | — | 8,361 | Consolidated resort operations | 26,465 | — | — | 26,465 | 25,522 | — | — | 25,522 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $13,851, $0, $13,851, $0, $6,276, $0, and$6,276, respectively | — | 123,708 | — | 123,708 | — | 83,318 | — | 83,318 | Vacation Interest sales, net of provision of $0, $29,731, $0, $29,731, $0, $16,093, $0, and $16,093, respectively | — | 325,815 | — | 325,815 | — | 202,764 | — | 202,764 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest | — | 13,971 | 326 | 14,297 | — | 12,551 | 335 | 12,886 | Interest | — | 40,021 | 1,138 | 41,159 | — | 38,015 | 1,039 | 39,054 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,227 | 9,434 | — | 10,661 | 1,019 | 7,129 | — | 8,148 | Other | 7,535 | 21,649 | — | 29,184 | 3,835 | 16,357 | — | 20,192 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 44,163 | 147,113 | 326 | 191,602 | 39,379 | 102,998 | 335 | 142,712 | Total revenues | 130,304 | 387,485 | 1,138 | 518,927 | 114,931 | 257,136 | 1,039 | 373,106 | |||||||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and member services | 9,408 | — | — | 9,408 | 8,862 | — | — | 8,862 | Management and member services | 27,952 | — | — | 27,952 | 25,597 | — | — | 25,597 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated resort operations | 9,602 | — | — | 9,602 | 7,314 | — | — | 7,314 | Consolidated resort operations | 26,169 | — | — | 26,169 | 22,620 | — | — | 22,620 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 18,605 | — | 18,605 | — | 16,778 | — | 16,778 | Vacation Interest cost of sales | — | 45,451 | — | 45,451 | — | 17,175 | — | 17,175 | |||||||||||||||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 70,714 | — | 70,714 | — | 49,554 | — | 49,554 | Advertising, sales and marketing | — | 181,668 | — | 181,668 | — | 124,591 | — | 124,591 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 10,154 | — | 10,154 | — | 8,226 | — | 8,226 | Vacation Interest carrying cost, net | — | 29,141 | — | 29,141 | — | 26,674 | — | 26,674 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan portfolio | 278 | 2,018 | — | 2,296 | 189 | 2,257 | — | 2,446 | Loan portfolio | 782 | 6,773 | — | 7,555 | 631 | 6,549 | — | 7,180 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating | — | 3,912 | — | 3,912 | — | 2,454 | — | 2,454 | Other operating | — | 6,518 | — | 6,518 | — | 5,419 | — | 5,419 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | — | — | 61,114 | 61,114 | — | — | 27,976 | 27,976 | General and administrative | — | — | 105,612 | 105,612 | — | — | 70,937 | 70,937 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 7,583 | 7,583 | — | — | 5,205 | 5,205 | Depreciation and amortization | — | — | 19,912 | 19,912 | — | — | 13,379 | 13,379 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | 4,267 | 16,658 | 20,925 | — | 4,554 | 20,254 | 24,808 | Interest expense | — | 12,451 | 58,110 | 70,561 | — | 14,240 | 55,718 | 69,958 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 13,383 | 13,383 | — | — | — | — | Loss on extinguishment of debt | — | — | 13,383 | 13,383 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,200 | 1,200 | — | — | 401 | 401 | Impairments and other write-offs | — | — | 1,279 | 1,279 | — | — | 390 | 390 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | — | (585 | ) | (585 | ) | — | — | (122 | ) | (122 | ) | Gain on disposal of assets | — | — | (673 | ) | (673 | ) | — | — | (218 | ) | (218 | ) | |||||||||||||||||||||||||||||||||||||||||
(Gain on) adjustment to bargain purchase from business combinations | — | — | (2,756 | ) | (2,756 | ) | — | — | 115 | 115 | Gain on bargain purchase from business combinations | — | — | (2,726 | ) | (2,726 | ) | — | — | (22,634 | ) | (22,634 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 19,288 | 109,670 | 96,597 | 225,555 | 16,365 | 83,823 | 53,829 | 154,017 | Total costs and expenses | 54,903 | 282,002 | 194,897 | 531,802 | 48,848 | 194,648 | 117,572 | 361,068 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before (benefit) provision for income taxes | 24,875 | 37,443 | (96,271 | ) | (33,953 | ) | 23,014 | 19,175 | (53,494 | ) | (11,305 | ) | Income (loss) before benefit for income taxes | 75,401 | 105,483 | (193,759 | ) | (12,875 | ) | 66,083 | 62,488 | (116,533 | ) | 12,038 | ||||||||||||||||||||||||||||||||||||||||||
(Benefit) provision for income taxes | — | — | (7,626 | ) | (7,626 | ) | — | — | 340 | 340 | Benefit for income taxes | — | — | (6,777 | ) | (6,777 | ) | — | — | (13,353 | ) | (13,353 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 24,875 | $ | 37,443 | $ | (88,645 | ) | $ | (26,327 | ) | $ | 23,014 | $ | 19,175 | $ | (53,834 | ) | $ | (11,645 | ) | Net income (loss) | $ | 75,401 | $ | 105,483 | $ | (186,982 | ) | $ | (6,098 | ) | $ | 66,083 | $ | 62,488 | $ | (103,180 | ) | $ | 25,391 | ||||||||||||||||||||||||||
Consolidating_Financial_Statem1
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Consolidating Financial Statements Guarantor and Non-Guarantor [Abstract] | ' | ||||||||||||||||
Consolidating financial statements parent guarantor nonguarantor [Text Block] | ' | ||||||||||||||||
Consolidating Financial Statements - Guarantor and Non-guarantor | |||||||||||||||||
The following condensed consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013 for a list of the Company's guarantor subsidiaries as of June 30, 2013. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of guarantor subsidiaries: Crescent One, LLC, Island One, Inc., Island One Resorts Management Corporation, Navigo Vacation Club, Inc. and Galaxy Exchange Company. The Company's non-guarantor subsidiaries include its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of non-guarantor subsidiaries: Diamond Resorts Tempus Seller 2013, LLC, Diamond Resorts Tempus Owner Trust 2013, IOI Funding I, LLC and IOI Funding II, LLC. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
Cash in escrow and restricted cash | 32,818 | 28,424 | — | 61,242 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $34,188 $63,965, $0 and $98,153, respectively | 22,769 | 354,744 | — | 377,513 | |||||||||||||
Due from related parties, net | 314,583 | 39,392 | (317,517 | ) | 36,458 | ||||||||||||
Other receivables, net | 20,899 | 12,078 | — | 32,977 | |||||||||||||
Income tax receivable | — | 6,221 | (6,196 | ) | 25 | ||||||||||||
Prepaid expenses and other assets, net | 64,791 | 38,146 | (14,056 | ) | 88,881 | ||||||||||||
Unsold Vacation Interests, net | 226,879 | 118,848 | (44,018 | ) | 301,709 | ||||||||||||
Property and equipment, net | 37,142 | 24,076 | — | 61,218 | |||||||||||||
Assets held for sale | 4,000 | 7,181 | — | 11,181 | |||||||||||||
Goodwill and other intangible assets, net | 104,926 | 126,199 | — | 231,125 | |||||||||||||
Total assets | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 5,546 | $ | 9,020 | $ | — | $ | 14,566 | |||||||||
Due to related parties, net | 64,702 | 350,126 | (335,549 | ) | 79,279 | ||||||||||||
Accrued liabilities | 63,749 | 36,131 | (934 | ) | 98,946 | ||||||||||||
Income taxes payable | 26 | 1,065 | — | 1,091 | |||||||||||||
Deferred income taxes | 18,095 | — | (6,196 | ) | 11,899 | ||||||||||||
Deferred revenues | 71,824 | 17,914 | — | 89,738 | |||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $6,798, $0, $0 and $6,798, respectively | 367,642 | — | — | 367,642 | |||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $515, $0 and $515, respectively | 4,105 | 325,957 | — | 330,062 | |||||||||||||
Revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Derivative liabilities | — | 657 | — | 657 | |||||||||||||
Notes payable | 3,332 | 19,534 | — | 22,866 | |||||||||||||
Total liabilities | 614,021 | 760,404 | (342,679 | ) | 1,031,746 | ||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock | 755 | 9,675 | (9,675 | ) | 755 | ||||||||||||
Additional paid-in capital | 449,259 | 16,855 | (4,381 | ) | 461,733 | ||||||||||||
Accumulated deficit | (197,968 | ) | (19,995 | ) | (25,569 | ) | (243,532 | ) | |||||||||
Accumulated other comprehensive (loss) income | (23,650 | ) | 4,636 | 517 | (18,497 | ) | |||||||||||
Total stockholders' equity (deficit) | 228,396 | 11,171 | (39,108 | ) | 200,459 | ||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 26,501 | $ | 11,449 | $ | (4,340 | ) | $ | 33,610 | ||||||||
Consolidated resort operations | 7,251 | 2,075 | — | 9,326 | |||||||||||||
Vacation Interest sales, net of provision of $13,578, $273, $0 and $13,851, respectively | 101,556 | 22,152 | — | 123,708 | |||||||||||||
Interest | (202 | ) | 15,103 | (604 | ) | 14,297 | |||||||||||
Other | 11,663 | 14,733 | (15,735 | ) | 10,661 | ||||||||||||
Total revenues | 146,769 | 65,512 | (20,679 | ) | 191,602 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,630 | 4,259 | (3,481 | ) | 9,408 | ||||||||||||
Consolidated resort operations | 7,693 | 1,909 | — | 9,602 | |||||||||||||
Vacation Interest cost of sales | 16,743 | 1,862 | — | 18,605 | |||||||||||||
Advertising, sales and marketing | 56,470 | 15,085 | (841 | ) | 70,714 | ||||||||||||
Vacation Interest carrying cost, net | 4,990 | 6,187 | (1,023 | ) | 10,154 | ||||||||||||
Loan portfolio | 1,953 | 2,918 | (2,575 | ) | 2,296 | ||||||||||||
Other operating | 3,727 | 4,238 | (4,053 | ) | 3,912 | ||||||||||||
General and administrative | 55,138 | 5,978 | (2 | ) | 61,114 | ||||||||||||
Depreciation and amortization | 3,018 | 4,565 | — | 7,583 | |||||||||||||
Interest expense | 8,788 | 12,741 | (604 | ) | 20,925 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,200 | — | 1,200 | |||||||||||||
Gain on disposal of assets | (39 | ) | (546 | ) | — | (585 | ) | ||||||||||
Gain on bargain purchase from business combinations | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Total costs and expenses | 175,554 | 62,580 | (12,579 | ) | 225,555 | ||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,785 | ) | 2,932 | (8,100 | ) | (33,953 | ) | ||||||||||
(Benefit) provision for income taxes | (7,979 | ) | 353 | — | (7,626 | ) | |||||||||||
Net (loss) income | $ | (20,806 | ) | $ | 2,579 | $ | (8,100 | ) | $ | (26,327 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 77,905 | $ | 31,312 | $ | (12,913 | ) | $ | 96,304 | ||||||||
Consolidated resort operations | 20,305 | 6,160 | — | 26,465 | |||||||||||||
Vacation Interest sales, net of provision of $29,005, $726, $0, and $29,731, respectively | 267,834 | 57,981 | — | 325,815 | |||||||||||||
Interest | (481 | ) | 43,189 | (1,549 | ) | 41,159 | |||||||||||
Other | 33,341 | 38,356 | (42,513 | ) | 29,184 | ||||||||||||
Total revenues | 398,904 | 176,998 | (56,975 | ) | 518,927 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 26,210 | 12,145 | (10,403 | ) | 27,952 | ||||||||||||
Consolidated resort operations | 20,789 | 5,380 | — | 26,169 | |||||||||||||
Vacation Interest cost of sales | 38,890 | 6,561 | — | 45,451 | |||||||||||||
Advertising, sales and marketing | 146,409 | 37,721 | (2,462 | ) | 181,668 | ||||||||||||
Vacation Interest carrying cost, net | 14,081 | 18,166 | (3,106 | ) | 29,141 | ||||||||||||
Loan portfolio | 6,635 | 8,507 | (7,587 | ) | 7,555 | ||||||||||||
Other operating | 6,954 | 9,640 | (10,076 | ) | 6,518 | ||||||||||||
General and administrative | 86,133 | 19,481 | (2 | ) | 105,612 | ||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Interest expense | 34,050 | 38,060 | (1,549 | ) | 70,561 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Total costs and expenses | 396,441 | 170,546 | (35,185 | ) | 531,802 | ||||||||||||
Income (loss) before (benefit) provision for income taxes | 2,463 | 6,452 | (21,790 | ) | (12,875 | ) | |||||||||||
(Benefit) provision for income taxes | (7,928 | ) | 1,151 | — | (6,777 | ) | |||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | 29,005 | 726 | — | 29,731 | |||||||||||||
Amortization of capitalized financing costs and original issue discounts | 2,066 | 3,541 | — | 5,607 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | 3,815 | 493 | — | 4,308 | |||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Stock-based compensation | 38,495 | — | — | 38,495 | |||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Deferred income taxes | (222 | ) | (1,622 | ) | (6,196 | ) | (8,040 | ) | |||||||||
Loss on foreign currency exchange | — | 215 | — | 215 | |||||||||||||
Loss (gain) on mortgage repurchase | 7 | (78 | ) | — | (71 | ) | |||||||||||
Unrealized loss on derivative instruments | — | 657 | — | 657 | |||||||||||||
Unrealized loss on post-retirement benefit plan | 774 | — | — | 774 | |||||||||||||
Gain on insurance settlement | (2,876 | ) | — | — | (2,876 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (8,148 | ) | (76,317 | ) | (4 | ) | (84,469 | ) | |||||||||
Due from related parties, net | (180,699 | ) | (8,837 | ) | 179,973 | (9,563 | ) | ||||||||||
Other receivables, net | 14,955 | 3,851 | — | 18,806 | |||||||||||||
Prepaid expenses and other assets, net | (10,593 | ) | (17,594 | ) | (126 | ) | (28,313 | ) | |||||||||
Unsold Vacation Interests, net | (5,930 | ) | (8,457 | ) | 21,757 | 7,370 | |||||||||||
Accounts payable | (5,121 | ) | 2,704 | — | (2,417 | ) | |||||||||||
Due to related parties, net | 3,281 | 194,493 | (179,941 | ) | 17,833 | ||||||||||||
Accrued liabilities | (19,431 | ) | 6,220 | 131 | (13,080 | ) | |||||||||||
Income taxes payable | 928 | (5,830 | ) | 6,196 | 1,294 | ||||||||||||
Deferred revenues | (10,867 | ) | 3,752 | — | (7,115 | ) | |||||||||||
Net cash (used in) provided by operating activities | $ | (123,880 | ) | $ | 118,103 | — | $ | (5,777 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | $ | (11,811 | ) | $ | (981 | ) | $ | — | $ | (12,792 | ) | ||||||
Cash acquired in connection with the Island One Acquisition | 725 | — | — | 725 | |||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Proceeds from sale of assets | 223 | 2,903 | — | 3,126 | |||||||||||||
Net cash used in investing activities | (10,863 | ) | (45,836 | ) | — | (56,699 | ) | ||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | (7,818 | ) | (9,852 | ) | — | (17,670 | ) | ||||||||||
Proceeds from issuance of revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 265,873 | — | 265,873 | |||||||||||||
Proceeds from issuance of notes payable | — | 3,882 | — | 3,882 | |||||||||||||
Payments on securitization notes and Funding Facilities | (1,673 | ) | (199,911 | ) | — | (201,584 | ) | ||||||||||
Payments on senior secured notes | (50,560 | ) | — | — | (50,560 | ) | |||||||||||
Payments on notes payable | (8,404 | ) | (123,428 | ) | — | (131,832 | ) | ||||||||||
Payments of debt issuance costs | (1,023 | ) | (5,140 | ) | — | (6,163 | ) | ||||||||||
Proceeds from issuance of common stock, net of related costs | 204,705 | — | — | 204,705 | |||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | (10,346 | ) | |||||||||||
Net cash provided by (used in) financing activities | 139,881 | (68,576 | ) | — | 71,305 | ||||||||||||
Net increase in cash and cash equivalents | 5,138 | 3,691 | — | 8,829 | |||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | (14 | ) | — | (14 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 8,472 | 12,589 | — | 21,061 | |||||||||||||
Cash and cash equivalents, end of period | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 45,769 | $ | 28,658 | $ | — | $ | 74,427 | |||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | (816 | ) | $ | 828 | $ | — | $ | 12 | ||||||||
Purchase of assets in connection with the Island One Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | 83,164 | $ | — | $ | — | $ | 83,164 | |||||||||
Goodwill acquired | 27,665 | — | — | 27,665 | |||||||||||||
DRII common stock issued | (73,307 | ) | — | — | (73,307 | ) | |||||||||||
Deferred tax liability | (18,317 | ) | — | — | (18,317 | ) | |||||||||||
Liabilities assumed | $ | 19,205 | $ | — | $ | — | $ | 19,205 | |||||||||
Purchase of assets in connection with PMR Service Companies Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 52,291 | $ | — | $ | 52,291 | |||||||||
Gain on bargain purchase recognized | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Cash paid | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Deferred tax liability | — | (1,622 | ) | — | (1,622 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 155 | $ | — | $ | 155 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,822 | $ | — | $ | — | $ | 7,822 | |||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | 4,220 | $ | 5,945 | $ | — | $ | 10,165 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Audited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,472 | $ | 12,589 | $ | — | $ | 21,061 | |||||||||
Cash in escrow and restricted cash | 23,736 | 18,575 | — | 42,311 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $5,814, $77,970, $0 and $83,784, respectively | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||
Due from related parties, net | 129,135 | 27,083 | (133,223 | ) | 22,995 | ||||||||||||
Other receivables, net | 30,384 | 15,665 | — | 46,049 | |||||||||||||
Income tax receivable | 902 | 25 | — | 927 | |||||||||||||
Prepaid expenses and other assets, net | 50,709 | 21,497 | (14,182 | ) | 58,024 | ||||||||||||
Unsold Vacation Interests, net | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||
Property and equipment, net | 29,510 | 25,610 | — | 55,120 | |||||||||||||
Assets held for sale | — | 5,224 | — | 5,224 | |||||||||||||
Goodwill and Intangible assets, net | 27,569 | 84,929 | — | 112,498 | |||||||||||||
Total assets | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | |||||||||
Due to related parties, net | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||
Accrued liabilities | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||
Income taxes payable | — | 701 | — | 701 | |||||||||||||
Deferred revenues | 79,652 | 14,181 | — | 93,833 | |||||||||||||
Senior Secured Notes, net of original issue discount of $8,509, $0, $0 and $8,509, respectively | 416,491 | — | — | 416,491 | |||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $753, $0 and $753, respectively | — | 256,302 | — | 256,302 | |||||||||||||
Notes payable | 3,219 | 134,687 | — | 137,906 | |||||||||||||
Total liabilities | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||
Stockholders' equity (deficit): | |||||||||||||||||
Common stock | 541 | 9,675 | (9,675 | ) | 541 | ||||||||||||
Additional paid-in capital | 142,554 | 16,980 | (4,507 | ) | 155,027 | ||||||||||||
Accumulated deficit | (207,978 | ) | (25,012 | ) | (4,444 | ) | (237,434 | ) | |||||||||
Accumulated other comprehensive (loss) income | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||
Total stockholders' (deficit) equity | (86,485 | ) | 5,996 | (18,110 | ) | (98,599 | ) | ||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 24,337 | $ | 9,655 | $ | (3,993 | ) | $ | 29,999 | ||||||||
Consolidated resort operations | 6,790 | 1,571 | — | 8,361 | |||||||||||||
Vacation Interest sales, net of provision (adjustment) of $6,661, $(385), $0 and $6,276, respectively | 71,585 | 11,733 | — | 83,318 | |||||||||||||
Interest | 431 | 13,031 | (576 | ) | 12,886 | ||||||||||||
Other | 9,631 | 11,117 | (12,600 | ) | 8,148 | ||||||||||||
Total revenues | 112,774 | 47,107 | (17,169 | ) | 142,712 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,443 | 3,826 | (3,407 | ) | 8,862 | ||||||||||||
Consolidated resort operations | 6,017 | 1,297 | — | 7,314 | |||||||||||||
Vacation Interest cost of sales | 15,140 | 1,638 | — | 16,778 | |||||||||||||
Advertising, sales and marketing | 42,105 | 8,021 | (572 | ) | 49,554 | ||||||||||||
Vacation Interest carrying cost, net | 4,849 | 4,167 | (790 | ) | 8,226 | ||||||||||||
Loan portfolio | 2,034 | 3,019 | (2,607 | ) | 2,446 | ||||||||||||
Other operating | 2,812 | 1,684 | (2,042 | ) | 2,454 | ||||||||||||
General and administrative | 14,167 | 13,810 | (1 | ) | 27,976 | ||||||||||||
Depreciation and amortization | 1,948 | 3,257 | — | 5,205 | |||||||||||||
Interest expense | 11,318 | 14,066 | (576 | ) | 24,808 | ||||||||||||
Impairments and other write-offs | 183 | 218 | — | 401 | |||||||||||||
Gain on disposal of assets | (2 | ) | (120 | ) | — | (122 | ) | ||||||||||
Adjustment to bargain purchase from business combinations | — | 115 | — | 115 | |||||||||||||
Total costs and expenses | 109,014 | 54,998 | (9,995 | ) | 154,017 | ||||||||||||
Income (loss) before provision for income taxes | 3,760 | (7,891 | ) | (7,174 | ) | (11,305 | ) | ||||||||||
Provision for income taxes | 184 | 156 | — | 340 | |||||||||||||
Net income (loss) | $ | 3,576 | $ | (8,047 | ) | $ | (7,174 | ) | $ | (11,645 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 70,339 | $ | 23,857 | $ | (8,622 | ) | $ | 85,574 | ||||||||
Consolidated resort operations | 19,973 | 5,549 | — | 25,522 | |||||||||||||
Vacation interest sales, net of provision (adjustment) of $17,174, $(1,081), $0 and $16.093, respectively | 174,253 | 28,511 | — | 202,764 | |||||||||||||
Interest | 1,378 | 39,515 | (1,839 | ) | 39,054 | ||||||||||||
Other | 25,719 | 20,884 | (26,411 | ) | 20,192 | ||||||||||||
Total revenues | 291,662 | 118,316 | (36,872 | ) | 373,106 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 22,225 | 10,118 | (6,746 | ) | 25,597 | ||||||||||||
Consolidated resort operations | 18,107 | 4,513 | — | 22,620 | |||||||||||||
Vacation Interest cost of sales | 13,347 | 3,828 | — | 17,175 | |||||||||||||
Advertising, sales and marketing | 107,451 | 18,128 | (988 | ) | 124,591 | ||||||||||||
Vacation Interest carrying cost, net | 15,002 | 13,581 | (1,909 | ) | 26,674 | ||||||||||||
Loan portfolio | 6,243 | 7,424 | (6,487 | ) | 7,180 | ||||||||||||
Other operating | 7,047 | 3,681 | (5,309 | ) | 5,419 | ||||||||||||
General and administrative | 41,807 | 29,133 | (3 | ) | 70,937 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Interest expense | 33,972 | 37,825 | (1,839 | ) | 69,958 | ||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Total costs and expenses | 270,936 | 113,413 | (23,281 | ) | 361,068 | ||||||||||||
Income (loss) before benefit for income taxes | 20,726 | 4,903 | (13,591 | ) | 12,038 | ||||||||||||
Benefit for income taxes | (880 | ) | (12,473 | ) | — | (13,353 | ) | ||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | 17,174 | (1,081 | ) | — | 16,093 | ||||||||||||
Amortization of capitalized financing costs and original issue discounts | 1,777 | 2,965 | — | 4,742 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | 2,282 | (706 | ) | — | 1,576 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Deferred income taxes | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Gain on foreign currency exchange | — | (98 | ) | — | (98 | ) | |||||||||||
Gain on mortgage repurchase | (26 | ) | — | — | (26 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (2,621 | ) | (28,405 | ) | (1 | ) | (31,027 | ) | |||||||||
Due from related parties, net | (10,492 | ) | 20,530 | 8,270 | 18,308 | ||||||||||||
Other receivables, net | 10,151 | 3,639 | (410 | ) | 13,380 | ||||||||||||
Prepaid expenses and other assets, net | (14,255 | ) | (4,290 | ) | (127 | ) | (18,672 | ) | |||||||||
Unsold Vacation Interests, net | (26,207 | ) | (20,804 | ) | 12,737 | (34,274 | ) | ||||||||||
Accounts payable | 2,872 | (560 | ) | — | 2,312 | ||||||||||||
Due to related parties, net | 20,695 | 35,886 | (7,785 | ) | 48,796 | ||||||||||||
Accrued liabilities | (1,087 | ) | 12,621 | 907 | 12,441 | ||||||||||||
Income taxes payable | (1,273 | ) | (773 | ) | — | (2,046 | ) | ||||||||||
Deferred revenues | (6,668 | ) | (2,194 | ) | — | (8,862 | ) | ||||||||||
Net cash provided by operating activities | 19,663 | 5,676 | — | 25,339 | |||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | (10,768 | ) | (505 | ) | — | (11,273 | ) | ||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Proceeds from sale of assets | 2 | 495 | — | 497 | |||||||||||||
Net cash used in by investing activities | $ | (10,766 | ) | $ | (51,645 | ) | $ | — | $ | (62,411 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | $ | (3,985 | ) | $ | (768 | ) | $ | — | $ | (4,753 | ) | ||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 82,864 | — | 82,864 | |||||||||||||
Proceeds from issuance of notes payable | 1,124 | 64,138 | — | 65,262 | |||||||||||||
Payments on securitization notes and Funding Facilities | — | (82,295 | ) | — | (82,295 | ) | |||||||||||
Payments on notes payable | (7,415 | ) | (15,930 | ) | — | (23,345 | ) | ||||||||||
Payments of debt issuance costs | 1 | (2,595 | ) | — | (2,594 | ) | |||||||||||
Payments of costs related to issuance of common and preferred units | (35 | ) | — | — | (35 | ) | |||||||||||
Net cash (used in) provided financing activities | (10,310 | ) | 45,414 | — | 35,104 | ||||||||||||
Net decrease in cash and cash equivalents | (1,413 | ) | (555 | ) | — | (1,968 | ) | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | 318 | — | 318 | |||||||||||||
Cash and cash equivalents, beginning of period | 10,836 | 9,061 | — | 19,897 | |||||||||||||
Cash and cash equivalents, end of period | $ | 9,423 | $ | 8,824 | $ | — | $ | 18,247 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 51,128 | $ | 20,971 | $ | — | $ | 72,099 | |||||||||
Cash paid for taxes, net of cash tax refunds | $ | 393 | $ | 1,944 | $ | — | $ | 2,337 | |||||||||
Purchase of assets in connection with PMR Acquisition: | |||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | 89,760 | $ | — | $ | 89,760 | |||||||||
Gain on bargain purchase recognized | — | (22,765 | ) | — | (22,765 | ) | |||||||||||
Cash paid | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Deferred tax liability | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 1,748 | $ | — | $ | 1,748 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,573 | $ | — | $ | — | $ | 7,573 | |||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | 1,353 | $ | — | $ | 1,353 | |||||||||
Assets held for sale reclassified to management contracts (other intangibles) | $ | — | $ | 192 | $ | — | $ | 192 | |||||||||
The following condensed consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013 for a list of the Company's guarantor subsidiaries as of June 30, 2013. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of guarantor subsidiaries: Crescent One, LLC, Island One, Inc., Island One Resorts Management Corporation, Navigo Vacation Club, Inc. and Galaxy Exchange Company. The Company's non-guarantor subsidiaries include its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. During the three months ended September 30, 2013, the following subsidiaries were added to the Company's list of non-guarantor subsidiaries: Diamond Resorts Tempus Seller 2013, LLC, Diamond Resorts Tempus Owner Trust 2013, IOI Funding I, LLC and IOI Funding II, LLC. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
Cash in escrow and restricted cash | 32,818 | 28,424 | — | 61,242 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $34,188 $63,965, $0 and $98,153, respectively | 22,769 | 354,744 | — | 377,513 | |||||||||||||
Due from related parties, net | 314,583 | 39,392 | (317,517 | ) | 36,458 | ||||||||||||
Other receivables, net | 20,899 | 12,078 | — | 32,977 | |||||||||||||
Income tax receivable | — | 6,221 | (6,196 | ) | 25 | ||||||||||||
Prepaid expenses and other assets, net | 64,791 | 38,146 | (14,056 | ) | 88,881 | ||||||||||||
Unsold Vacation Interests, net | 226,879 | 118,848 | (44,018 | ) | 301,709 | ||||||||||||
Property and equipment, net | 37,142 | 24,076 | — | 61,218 | |||||||||||||
Assets held for sale | 4,000 | 7,181 | — | 11,181 | |||||||||||||
Goodwill and other intangible assets, net | 104,926 | 126,199 | — | 231,125 | |||||||||||||
Total assets | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 5,546 | $ | 9,020 | $ | — | $ | 14,566 | |||||||||
Due to related parties, net | 64,702 | 350,126 | (335,549 | ) | 79,279 | ||||||||||||
Accrued liabilities | 63,749 | 36,131 | (934 | ) | 98,946 | ||||||||||||
Income taxes payable | 26 | 1,065 | — | 1,091 | |||||||||||||
Deferred income taxes | 18,095 | — | (6,196 | ) | 11,899 | ||||||||||||
Deferred revenues | 71,824 | 17,914 | — | 89,738 | |||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $6,798, $0, $0 and $6,798, respectively | 367,642 | — | — | 367,642 | |||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $515, $0 and $515, respectively | 4,105 | 325,957 | — | 330,062 | |||||||||||||
Revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Derivative liabilities | — | 657 | — | 657 | |||||||||||||
Notes payable | 3,332 | 19,534 | — | 22,866 | |||||||||||||
Total liabilities | 614,021 | 760,404 | (342,679 | ) | 1,031,746 | ||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock | 755 | 9,675 | (9,675 | ) | 755 | ||||||||||||
Additional paid-in capital | 449,259 | 16,855 | (4,381 | ) | 461,733 | ||||||||||||
Accumulated deficit | (197,968 | ) | (19,995 | ) | (25,569 | ) | (243,532 | ) | |||||||||
Accumulated other comprehensive (loss) income | (23,650 | ) | 4,636 | 517 | (18,497 | ) | |||||||||||
Total stockholders' equity (deficit) | 228,396 | 11,171 | (39,108 | ) | 200,459 | ||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 842,417 | $ | 771,575 | $ | (381,787 | ) | $ | 1,232,205 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 26,501 | $ | 11,449 | $ | (4,340 | ) | $ | 33,610 | ||||||||
Consolidated resort operations | 7,251 | 2,075 | — | 9,326 | |||||||||||||
Vacation Interest sales, net of provision of $13,578, $273, $0 and $13,851, respectively | 101,556 | 22,152 | — | 123,708 | |||||||||||||
Interest | (202 | ) | 15,103 | (604 | ) | 14,297 | |||||||||||
Other | 11,663 | 14,733 | (15,735 | ) | 10,661 | ||||||||||||
Total revenues | 146,769 | 65,512 | (20,679 | ) | 191,602 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,630 | 4,259 | (3,481 | ) | 9,408 | ||||||||||||
Consolidated resort operations | 7,693 | 1,909 | — | 9,602 | |||||||||||||
Vacation Interest cost of sales | 16,743 | 1,862 | — | 18,605 | |||||||||||||
Advertising, sales and marketing | 56,470 | 15,085 | (841 | ) | 70,714 | ||||||||||||
Vacation Interest carrying cost, net | 4,990 | 6,187 | (1,023 | ) | 10,154 | ||||||||||||
Loan portfolio | 1,953 | 2,918 | (2,575 | ) | 2,296 | ||||||||||||
Other operating | 3,727 | 4,238 | (4,053 | ) | 3,912 | ||||||||||||
General and administrative | 55,138 | 5,978 | (2 | ) | 61,114 | ||||||||||||
Depreciation and amortization | 3,018 | 4,565 | — | 7,583 | |||||||||||||
Interest expense | 8,788 | 12,741 | (604 | ) | 20,925 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,200 | — | 1,200 | |||||||||||||
Gain on disposal of assets | (39 | ) | (546 | ) | — | (585 | ) | ||||||||||
Gain on bargain purchase from business combinations | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Total costs and expenses | 175,554 | 62,580 | (12,579 | ) | 225,555 | ||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,785 | ) | 2,932 | (8,100 | ) | (33,953 | ) | ||||||||||
(Benefit) provision for income taxes | (7,979 | ) | 353 | — | (7,626 | ) | |||||||||||
Net (loss) income | $ | (20,806 | ) | $ | 2,579 | $ | (8,100 | ) | $ | (26,327 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 77,905 | $ | 31,312 | $ | (12,913 | ) | $ | 96,304 | ||||||||
Consolidated resort operations | 20,305 | 6,160 | — | 26,465 | |||||||||||||
Vacation Interest sales, net of provision of $29,005, $726, $0, and $29,731, respectively | 267,834 | 57,981 | — | 325,815 | |||||||||||||
Interest | (481 | ) | 43,189 | (1,549 | ) | 41,159 | |||||||||||
Other | 33,341 | 38,356 | (42,513 | ) | 29,184 | ||||||||||||
Total revenues | 398,904 | 176,998 | (56,975 | ) | 518,927 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 26,210 | 12,145 | (10,403 | ) | 27,952 | ||||||||||||
Consolidated resort operations | 20,789 | 5,380 | — | 26,169 | |||||||||||||
Vacation Interest cost of sales | 38,890 | 6,561 | — | 45,451 | |||||||||||||
Advertising, sales and marketing | 146,409 | 37,721 | (2,462 | ) | 181,668 | ||||||||||||
Vacation Interest carrying cost, net | 14,081 | 18,166 | (3,106 | ) | 29,141 | ||||||||||||
Loan portfolio | 6,635 | 8,507 | (7,587 | ) | 7,555 | ||||||||||||
Other operating | 6,954 | 9,640 | (10,076 | ) | 6,518 | ||||||||||||
General and administrative | 86,133 | 19,481 | (2 | ) | 105,612 | ||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Interest expense | 34,050 | 38,060 | (1,549 | ) | 70,561 | ||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Total costs and expenses | 396,441 | 170,546 | (35,185 | ) | 531,802 | ||||||||||||
Income (loss) before (benefit) provision for income taxes | 2,463 | 6,452 | (21,790 | ) | (12,875 | ) | |||||||||||
(Benefit) provision for income taxes | (7,928 | ) | 1,151 | — | (6,777 | ) | |||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 10,391 | $ | 5,301 | $ | (21,790 | ) | $ | (6,098 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | 29,005 | 726 | — | 29,731 | |||||||||||||
Amortization of capitalized financing costs and original issue discounts | 2,066 | 3,541 | — | 5,607 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | 3,815 | 493 | — | 4,308 | |||||||||||||
Depreciation and amortization | 7,665 | 12,247 | — | 19,912 | |||||||||||||
Stock-based compensation | 38,495 | — | — | 38,495 | |||||||||||||
Loss on extinguishment of debt | 8,443 | 4,940 | — | 13,383 | |||||||||||||
Impairments and other write-offs | — | 1,279 | — | 1,279 | |||||||||||||
Loss (gain) on disposal of assets | 182 | (855 | ) | — | (673 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (2,726 | ) | — | (2,726 | ) | |||||||||||
Deferred income taxes | (222 | ) | (1,622 | ) | (6,196 | ) | (8,040 | ) | |||||||||
Loss on foreign currency exchange | — | 215 | — | 215 | |||||||||||||
Loss (gain) on mortgage repurchase | 7 | (78 | ) | — | (71 | ) | |||||||||||
Unrealized loss on derivative instruments | — | 657 | — | 657 | |||||||||||||
Unrealized loss on post-retirement benefit plan | 774 | — | — | 774 | |||||||||||||
Gain on insurance settlement | (2,876 | ) | — | — | (2,876 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (8,148 | ) | (76,317 | ) | (4 | ) | (84,469 | ) | |||||||||
Due from related parties, net | (180,699 | ) | (8,837 | ) | 179,973 | (9,563 | ) | ||||||||||
Other receivables, net | 14,955 | 3,851 | — | 18,806 | |||||||||||||
Prepaid expenses and other assets, net | (10,593 | ) | (17,594 | ) | (126 | ) | (28,313 | ) | |||||||||
Unsold Vacation Interests, net | (5,930 | ) | (8,457 | ) | 21,757 | 7,370 | |||||||||||
Accounts payable | (5,121 | ) | 2,704 | — | (2,417 | ) | |||||||||||
Due to related parties, net | 3,281 | 194,493 | (179,941 | ) | 17,833 | ||||||||||||
Accrued liabilities | (19,431 | ) | 6,220 | 131 | (13,080 | ) | |||||||||||
Income taxes payable | 928 | (5,830 | ) | 6,196 | 1,294 | ||||||||||||
Deferred revenues | (10,867 | ) | 3,752 | — | (7,115 | ) | |||||||||||
Net cash (used in) provided by operating activities | $ | (123,880 | ) | $ | 118,103 | — | $ | (5,777 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | $ | (11,811 | ) | $ | (981 | ) | $ | — | $ | (12,792 | ) | ||||||
Cash acquired in connection with the Island One Acquisition | 725 | — | — | 725 | |||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Proceeds from sale of assets | 223 | 2,903 | — | 3,126 | |||||||||||||
Net cash used in investing activities | (10,863 | ) | (45,836 | ) | — | (56,699 | ) | ||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | (7,818 | ) | (9,852 | ) | — | (17,670 | ) | ||||||||||
Proceeds from issuance of revolving credit facility | 15,000 | — | — | 15,000 | |||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 265,873 | — | 265,873 | |||||||||||||
Proceeds from issuance of notes payable | — | 3,882 | — | 3,882 | |||||||||||||
Payments on securitization notes and Funding Facilities | (1,673 | ) | (199,911 | ) | — | (201,584 | ) | ||||||||||
Payments on senior secured notes | (50,560 | ) | — | — | (50,560 | ) | |||||||||||
Payments on notes payable | (8,404 | ) | (123,428 | ) | — | (131,832 | ) | ||||||||||
Payments of debt issuance costs | (1,023 | ) | (5,140 | ) | — | (6,163 | ) | ||||||||||
Proceeds from issuance of common stock, net of related costs | 204,705 | — | — | 204,705 | |||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | (10,346 | ) | |||||||||||
Net cash provided by (used in) financing activities | 139,881 | (68,576 | ) | — | 71,305 | ||||||||||||
Net increase in cash and cash equivalents | 5,138 | 3,691 | — | 8,829 | |||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | (14 | ) | — | (14 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 8,472 | 12,589 | — | 21,061 | |||||||||||||
Cash and cash equivalents, end of period | $ | 13,610 | $ | 16,266 | $ | — | $ | 29,876 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 45,769 | $ | 28,658 | $ | — | $ | 74,427 | |||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | (816 | ) | $ | 828 | $ | — | $ | 12 | ||||||||
Purchase of assets in connection with the Island One Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | 83,164 | $ | — | $ | — | $ | 83,164 | |||||||||
Goodwill acquired | 27,665 | — | — | 27,665 | |||||||||||||
DRII common stock issued | (73,307 | ) | — | — | (73,307 | ) | |||||||||||
Deferred tax liability | (18,317 | ) | — | — | (18,317 | ) | |||||||||||
Liabilities assumed | $ | 19,205 | $ | — | $ | — | $ | 19,205 | |||||||||
Purchase of assets in connection with PMR Service Companies Acquisition: | |||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 52,291 | $ | — | $ | 52,291 | |||||||||
Gain on bargain purchase recognized | — | (2,756 | ) | — | (2,756 | ) | |||||||||||
Cash paid | — | (47,758 | ) | — | (47,758 | ) | |||||||||||
Deferred tax liability | — | (1,622 | ) | — | (1,622 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 155 | $ | — | $ | 155 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,822 | $ | — | $ | — | $ | 7,822 | |||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | 4,220 | $ | 5,945 | $ | — | $ | 10,165 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Audited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,472 | $ | 12,589 | $ | — | $ | 21,061 | |||||||||
Cash in escrow and restricted cash | 23,736 | 18,575 | — | 42,311 | |||||||||||||
Mortgages and contracts receivable, net of allowance of $5,814, $77,970, $0 and $83,784, respectively | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||
Due from related parties, net | 129,135 | 27,083 | (133,223 | ) | 22,995 | ||||||||||||
Other receivables, net | 30,384 | 15,665 | — | 46,049 | |||||||||||||
Income tax receivable | 902 | 25 | — | 927 | |||||||||||||
Prepaid expenses and other assets, net | 50,709 | 21,497 | (14,182 | ) | 58,024 | ||||||||||||
Unsold Vacation Interests, net | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||
Property and equipment, net | 29,510 | 25,610 | — | 55,120 | |||||||||||||
Assets held for sale | — | 5,224 | — | 5,224 | |||||||||||||
Goodwill and Intangible assets, net | 27,569 | 84,929 | — | 112,498 | |||||||||||||
Total assets | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||
Accounts payable | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | |||||||||
Due to related parties, net | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||
Accrued liabilities | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||
Income taxes payable | — | 701 | — | 701 | |||||||||||||
Deferred revenues | 79,652 | 14,181 | — | 93,833 | |||||||||||||
Senior Secured Notes, net of original issue discount of $8,509, $0, $0 and $8,509, respectively | 416,491 | — | — | 416,491 | |||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $753, $0 and $753, respectively | — | 256,302 | — | 256,302 | |||||||||||||
Notes payable | 3,219 | 134,687 | — | 137,906 | |||||||||||||
Total liabilities | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||
Stockholders' equity (deficit): | |||||||||||||||||
Common stock | 541 | 9,675 | (9,675 | ) | 541 | ||||||||||||
Additional paid-in capital | 142,554 | 16,980 | (4,507 | ) | 155,027 | ||||||||||||
Accumulated deficit | (207,978 | ) | (25,012 | ) | (4,444 | ) | (237,434 | ) | |||||||||
Accumulated other comprehensive (loss) income | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||
Total stockholders' (deficit) equity | (86,485 | ) | 5,996 | (18,110 | ) | (98,599 | ) | ||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 554,289 | $ | 608,389 | $ | (169,670 | ) | $ | 993,008 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 24,337 | $ | 9,655 | $ | (3,993 | ) | $ | 29,999 | ||||||||
Consolidated resort operations | 6,790 | 1,571 | — | 8,361 | |||||||||||||
Vacation Interest sales, net of provision (adjustment) of $6,661, $(385), $0 and $6,276, respectively | 71,585 | 11,733 | — | 83,318 | |||||||||||||
Interest | 431 | 13,031 | (576 | ) | 12,886 | ||||||||||||
Other | 9,631 | 11,117 | (12,600 | ) | 8,148 | ||||||||||||
Total revenues | 112,774 | 47,107 | (17,169 | ) | 142,712 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 8,443 | 3,826 | (3,407 | ) | 8,862 | ||||||||||||
Consolidated resort operations | 6,017 | 1,297 | — | 7,314 | |||||||||||||
Vacation Interest cost of sales | 15,140 | 1,638 | — | 16,778 | |||||||||||||
Advertising, sales and marketing | 42,105 | 8,021 | (572 | ) | 49,554 | ||||||||||||
Vacation Interest carrying cost, net | 4,849 | 4,167 | (790 | ) | 8,226 | ||||||||||||
Loan portfolio | 2,034 | 3,019 | (2,607 | ) | 2,446 | ||||||||||||
Other operating | 2,812 | 1,684 | (2,042 | ) | 2,454 | ||||||||||||
General and administrative | 14,167 | 13,810 | (1 | ) | 27,976 | ||||||||||||
Depreciation and amortization | 1,948 | 3,257 | — | 5,205 | |||||||||||||
Interest expense | 11,318 | 14,066 | (576 | ) | 24,808 | ||||||||||||
Impairments and other write-offs | 183 | 218 | — | 401 | |||||||||||||
Gain on disposal of assets | (2 | ) | (120 | ) | — | (122 | ) | ||||||||||
Adjustment to bargain purchase from business combinations | — | 115 | — | 115 | |||||||||||||
Total costs and expenses | 109,014 | 54,998 | (9,995 | ) | 154,017 | ||||||||||||
Income (loss) before provision for income taxes | 3,760 | (7,891 | ) | (7,174 | ) | (11,305 | ) | ||||||||||
Provision for income taxes | 184 | 156 | — | 340 | |||||||||||||
Net income (loss) | $ | 3,576 | $ | (8,047 | ) | $ | (7,174 | ) | $ | (11,645 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Management and member services | $ | 70,339 | $ | 23,857 | $ | (8,622 | ) | $ | 85,574 | ||||||||
Consolidated resort operations | 19,973 | 5,549 | — | 25,522 | |||||||||||||
Vacation interest sales, net of provision (adjustment) of $17,174, $(1,081), $0 and $16.093, respectively | 174,253 | 28,511 | — | 202,764 | |||||||||||||
Interest | 1,378 | 39,515 | (1,839 | ) | 39,054 | ||||||||||||
Other | 25,719 | 20,884 | (26,411 | ) | 20,192 | ||||||||||||
Total revenues | 291,662 | 118,316 | (36,872 | ) | 373,106 | ||||||||||||
Costs and Expenses: | |||||||||||||||||
Management and member services | 22,225 | 10,118 | (6,746 | ) | 25,597 | ||||||||||||
Consolidated resort operations | 18,107 | 4,513 | — | 22,620 | |||||||||||||
Vacation Interest cost of sales | 13,347 | 3,828 | — | 17,175 | |||||||||||||
Advertising, sales and marketing | 107,451 | 18,128 | (988 | ) | 124,591 | ||||||||||||
Vacation Interest carrying cost, net | 15,002 | 13,581 | (1,909 | ) | 26,674 | ||||||||||||
Loan portfolio | 6,243 | 7,424 | (6,487 | ) | 7,180 | ||||||||||||
Other operating | 7,047 | 3,681 | (5,309 | ) | 5,419 | ||||||||||||
General and administrative | 41,807 | 29,133 | (3 | ) | 70,937 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Interest expense | 33,972 | 37,825 | (1,839 | ) | 69,958 | ||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Total costs and expenses | 270,936 | 113,413 | (23,281 | ) | 361,068 | ||||||||||||
Income (loss) before benefit for income taxes | 20,726 | 4,903 | (13,591 | ) | 12,038 | ||||||||||||
Benefit for income taxes | (880 | ) | (12,473 | ) | — | (13,353 | ) | ||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 21,606 | $ | 17,376 | $ | (13,591 | ) | $ | 25,391 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | 17,174 | (1,081 | ) | — | 16,093 | ||||||||||||
Amortization of capitalized financing costs and original issue discounts | 1,777 | 2,965 | — | 4,742 | |||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | 2,282 | (706 | ) | — | 1,576 | ||||||||||||
Depreciation and amortization | 5,532 | 7,847 | — | 13,379 | |||||||||||||
Impairments and other write-offs | 201 | 189 | — | 390 | |||||||||||||
Loss (gain) on disposal of assets | 2 | (220 | ) | — | (218 | ) | |||||||||||
Gain on bargain purchase from business combinations | — | (22,634 | ) | — | (22,634 | ) | |||||||||||
Deferred income taxes | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Gain on foreign currency exchange | — | (98 | ) | — | (98 | ) | |||||||||||
Gain on mortgage repurchase | (26 | ) | — | — | (26 | ) | |||||||||||
Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||
Mortgages and contracts receivable | (2,621 | ) | (28,405 | ) | (1 | ) | (31,027 | ) | |||||||||
Due from related parties, net | (10,492 | ) | 20,530 | 8,270 | 18,308 | ||||||||||||
Other receivables, net | 10,151 | 3,639 | (410 | ) | 13,380 | ||||||||||||
Prepaid expenses and other assets, net | (14,255 | ) | (4,290 | ) | (127 | ) | (18,672 | ) | |||||||||
Unsold Vacation Interests, net | (26,207 | ) | (20,804 | ) | 12,737 | (34,274 | ) | ||||||||||
Accounts payable | 2,872 | (560 | ) | — | 2,312 | ||||||||||||
Due to related parties, net | 20,695 | 35,886 | (7,785 | ) | 48,796 | ||||||||||||
Accrued liabilities | (1,087 | ) | 12,621 | 907 | 12,441 | ||||||||||||
Income taxes payable | (1,273 | ) | (773 | ) | — | (2,046 | ) | ||||||||||
Deferred revenues | (6,668 | ) | (2,194 | ) | — | (8,862 | ) | ||||||||||
Net cash provided by operating activities | 19,663 | 5,676 | — | 25,339 | |||||||||||||
Investing activities: | |||||||||||||||||
Property and equipment capital expenditures | (10,768 | ) | (505 | ) | — | (11,273 | ) | ||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Proceeds from sale of assets | 2 | 495 | — | 497 | |||||||||||||
Net cash used in by investing activities | $ | (10,766 | ) | $ | (51,645 | ) | $ | — | $ | (62,411 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS — Continued | |||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Diamond Resorts International, Inc. and Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||
Subsidiaries | |||||||||||||||||
Financing activities: | |||||||||||||||||
Changes in cash in escrow and restricted cash | $ | (3,985 | ) | $ | (768 | ) | $ | — | $ | (4,753 | ) | ||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | 82,864 | — | 82,864 | |||||||||||||
Proceeds from issuance of notes payable | 1,124 | 64,138 | — | 65,262 | |||||||||||||
Payments on securitization notes and Funding Facilities | — | (82,295 | ) | — | (82,295 | ) | |||||||||||
Payments on notes payable | (7,415 | ) | (15,930 | ) | — | (23,345 | ) | ||||||||||
Payments of debt issuance costs | 1 | (2,595 | ) | — | (2,594 | ) | |||||||||||
Payments of costs related to issuance of common and preferred units | (35 | ) | — | — | (35 | ) | |||||||||||
Net cash (used in) provided financing activities | (10,310 | ) | 45,414 | — | 35,104 | ||||||||||||
Net decrease in cash and cash equivalents | (1,413 | ) | (555 | ) | — | (1,968 | ) | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | 318 | — | 318 | |||||||||||||
Cash and cash equivalents, beginning of period | 10,836 | 9,061 | — | 19,897 | |||||||||||||
Cash and cash equivalents, end of period | $ | 9,423 | $ | 8,824 | $ | — | $ | 18,247 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 51,128 | $ | 20,971 | $ | — | $ | 72,099 | |||||||||
Cash paid for taxes, net of cash tax refunds | $ | 393 | $ | 1,944 | $ | — | $ | 2,337 | |||||||||
Purchase of assets in connection with PMR Acquisition: | |||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | 89,760 | $ | — | $ | 89,760 | |||||||||
Gain on bargain purchase recognized | — | (22,765 | ) | — | (22,765 | ) | |||||||||||
Cash paid | — | (51,635 | ) | — | (51,635 | ) | |||||||||||
Deferred tax liability | — | (13,612 | ) | — | (13,612 | ) | |||||||||||
Liabilities assumed | $ | — | $ | 1,748 | $ | — | $ | 1,748 | |||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | 7,573 | $ | — | $ | — | $ | 7,573 | |||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | 1,353 | $ | — | $ | 1,353 | |||||||||
Assets held for sale reclassified to management contracts (other intangibles) | $ | — | $ | 192 | $ | — | $ | 192 | |||||||||
Geographic_Financial_Informati1
Geographic Financial Information (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Geographic Financial Information [Abstract] | ' | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
The following table reflects total revenue and assets by geographic area for the periods ended on, or as of, the dates presented below (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | |||||||||||||||||
North America | $ | 168,172 | $ | 131,358 | $ | 459,457 | $ | 341,003 | |||||||||
Europe | 23,430 | 11,354 | 59,470 | 32,103 | |||||||||||||
Total Revenues | $ | 191,602 | $ | 142,712 | $ | 518,927 | $ | 373,106 | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Mortgages and contracts receivable, net | |||||||||||||||||
North America | $ | 374,142 | $ | 310,955 | |||||||||||||
Europe | 3,371 | 1,977 | |||||||||||||||
Total mortgages and contracts receivable, net | $ | 377,513 | $ | 312,932 | |||||||||||||
Unsold Vacation Interests, net | |||||||||||||||||
North America | $ | 258,824 | $ | 275,352 | |||||||||||||
Europe | 42,885 | 40,515 | |||||||||||||||
Total unsold Vacation Interests, net | $ | 301,709 | $ | 315,867 | |||||||||||||
Property and equipment, net | |||||||||||||||||
North America | $ | 56,803 | $ | 50,643 | |||||||||||||
Europe | 4,415 | 4,477 | |||||||||||||||
Total property and equipment, net | $ | 61,218 | $ | 55,120 | |||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||
North America | $ | 223,852 | $ | 103,141 | |||||||||||||
Europe | 7,273 | 9,357 | |||||||||||||||
Total goodwill and intangible assets, net | $ | 231,125 | $ | 112,498 | |||||||||||||
Total long-term assets, net | |||||||||||||||||
North America | $ | 913,621 | $ | 740,091 | |||||||||||||
Europe | 57,944 | 56,326 | |||||||||||||||
Total long-term assets, net | $ | 971,565 | $ | 796,417 | |||||||||||||
Background_Business_and_Basis_1
Background, Business and Basis of Presentation (Details) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Jul. 24, 2013 | Aug. 14, 2010 | Jun. 30, 2007 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | 21-May-12 | Dec. 31, 2011 | Jul. 02, 2011 | Jan. 02, 2010 | Apr. 26, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Aug. 13, 2010 | Jul. 02, 2011 | Aug. 31, 2010 | Jul. 24, 2013 | Oct. 05, 2012 | Oct. 05, 2012 | Jul. 24, 2013 | Jun. 30, 2011 | Aug. 31, 2010 | |
St Maarten [Member] | Minimum [Member] | Maximum [Member] | Customer Contracts [Member] | Number of destinations [Domain] | All Countries [Domain] | Branded resort properties [Domain] | Multi-resorts (the Collections) [Member] | Affiliated Entity [Member] | Cruise Itineraries [Domain] | Mini-Vacations and Sampler Programs revenue [Member] | Diamond Resorts International, Inc. [Member] | Cloobeck Diamond Parent [Member] | Senior Notes [Member] | Senior Notes [Member] | Tempus Acquisition Loan [Member] | ILX Acquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Island One Companies [Member] | Tempus Acquisition [Member] | cash in escrow and restricted cash [Domain] | |||||||||||||
Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | ILX Acquisition [Member] | |||||||||||||||||||||||||||||||||
Term of Programs | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | 1,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | $210,200,000 | ' | ' | ' | $204,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 10.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | 62,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Ownership Interests, Contributed Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Priority Returns and Redemption Premiums on Preferred Units | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Parent Company Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'two | ' | ' | '520000 | '306 | '33 | '92 | 'seven | '210 | 'four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termloanseligibletocustomers | ' | ' | ' | ' | '10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Management Fee, Percent Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of minimum downpayment for initial investment | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of management contracts European collection | ' | ' | ' | ' | '40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PVCpercentageofmembershipinterest | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | ' | ' | ' | ' | 29,876,000 | 21,061,000 | 18,247,000 | ' | 19,897,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Credit Quality, Additional Information | ' | ' | ' | '.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,758,000 | ' | 6,600,000 | ' | 104,900,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 73,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,300,000 | ' | ' |
Share Price | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 1,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,700,000 | 47,758,000 | 6,500,000 | ' | 1.75 | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $155,000 | ' | ' | ' | ' | $4,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Time Share Revenue | $137,559 | $89,594 | $355,546 | $218,857 |
Provision for Doubtful Accounts | 13,851 | 6,276 | 29,731 | 16,093 |
Interest Income (Expense), after Provision for Loan Loss | ' | ' | 325,815 | 202,764 |
Vacation Interest Net | $123,708 | $83,318 | $325,815 | $202,764 |
Concentrations_of_Risk_Details
Concentrations of Risk (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Aug. 20, 2013 | Jul. 20, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 14, 2011 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | |
CALIFORNIA | ARIZONA | FLORIDA | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | |||||
Concentration Risk, Geographic | ' | ' | ' | ' | '0.287 | '0.092 | '0.051 | ' | ' | ' | ' | ' |
Concentration Risk, Market Risk | '0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | $35,000,000 | $55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | 2.42% | 2.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | $134,668,000 | ' | ' | ' | $75,000,000 | $64,600,000 | $73,400,000 | $200,000,000 | $215,400,000 |
Cash_in_Escrow_and_Restricted_2
Cash in Escrow and Restricted Cash (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash in Escrow and Restricted Cash [Abstract] | ' | ' |
Funds Held for Clients | $16,355 | $11,617 |
Escrow Deposit | 12,235 | 8,134 |
Cash and Securities Segregated under Other Regulations | 21,910 | 15,416 |
Cash and Cash Equivalents, at Carrying Value | 8,141 | 6,040 |
Restricted Cash and Investments | 2,601 | 1,104 |
Restricted Cash and Cash Equivalents | $61,242 | $42,311 |
Mortgages_and_Contracts_Receiv2
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses -Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 26, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 03, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-12 | |
Minimum [Member] | Maximum [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Lowest Interest Rate | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Highest Interest Rate | 21.50% | ' | 21.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Periodic Payment Terms | ' | ' | ' | ' | ' | ' | 'one | '15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Weighted Average Interest Rate | 15.30% | ' | 15.30% | ' | 15.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initiation of cancellation or foreclosure proceedings | ' | ' | ' | ' | ' | ' | '90 | '180 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Greater Than 90 Days | 2.10% | ' | 2.10% | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Loan Origination Fees, Net | $1,400,000 | $900,000 | $3,900,000 | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | 250,000 | ' | 250,000 | ' | 311,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Receivable Discount (Premium) | ' | ' | 100,000 | ' | ' | ' | ' | ' | 400,000 | 100,000 | 500,000 | 700,000 | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Premium | 441,000 | ' | 441,000 | ' | 564,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | 800,000 | 100,000 | 100,000 | 100,000 |
Collateralized Financings | 394,300,000 | ' | 394,300,000 | ' | 340,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit Affect on Provision | 100,000 | 400,000 | 800,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue, Additions | ' | ' | $200,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions_with_Related_Part2
Transactions with Related Parties Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Other Related Parties [Member] | Other Related Parties [Member] | Homeowners' Association [Member] | Homeowners' Association [Member] | Trust [Member] | Trust [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Affiliated Entity [Member] | PMR Acquisition [Member] | Tempus Acquisition Loan [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | $62,100,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 700,000 | 2,400,000 | 3,000,000 | ' | 400,000 | 2,300,000 | 3,400,000 | ' | 1,600,000 | ' |
Debt Instrument, Exit Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 2,700,000 |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 300,000 | 100,000 | 47,500,000 | ' | 52,800,000 | 7,900,000 | ' | 59,300,000 | 2,400,000 | 64,600,000 | ' | 2,400,000 | ' |
Due from Related Parties | 36,458,000 | 36,458,000 | ' | 22,995,000 | 1,130,000 | 679,000 | 28,236,000 | 13,346,000 | 7,092,000 | 8,970,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | 79,279,000 | 79,279,000 | ' | 64,204,000 | 365,000 | 200,000 | 38,178,000 | 33,441,000 | 40,736,000 | 30,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | ($10,346,000) | ($10,346,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,800,000 | ' | ' |
Mortgages_and_Contracts_Receiv3
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Apr. 26, 2007 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financingreceivable,netofallowance | $461,034 | ' | $461,034 | ' | ' | $387,254 | ' | ' | ' |
Allowances for Mortgage and Contract Receivables | 98,153 | 80,780 | 98,153 | 80,780 | 87,193 | 83,784 | 80,901 | 84,098 | ' |
Time Sharing Transactions, Deferred Profit | 2,372 | ' | 2,372 | ' | ' | 6,113 | ' | ' | ' |
Deferred Finance Costs, Net | 6,787 | ' | 6,787 | ' | ' | 4,810 | ' | ' | ' |
Defaulted Mortgage inventory Value | 10,026 | ' | 10,026 | ' | ' | 10,512 | ' | ' | ' |
Receivable with Imputed Interest, Premium | 441 | ' | 441 | ' | ' | 564 | ' | ' | ' |
Receivable with Imputed Interest, Discount | 250 | ' | 250 | ' | ' | 311 | ' | ' | 3,300 |
Mortgages and contracts receivable, net | 377,513 | ' | 377,513 | ' | ' | 312,932 | ' | ' | ' |
Provision for Doubtful Accounts | 13,851 | 6,276 | 29,731 | 16,093 | ' | ' | ' | ' | ' |
Allowance Adjustment For Doubtful Accounts | 3,972 | -430 | 3,972 | 3,174 | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Recoveries | 925 | 1,479 | 2,757 | 6,249 | ' | ' | ' | ' | ' |
FICO Score Greater Than 799 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 38,639 | ' | 38,639 | ' | ' | 31,199 | ' | ' | ' |
FICO Score, 700 to 799 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 223,144 | ' | 223,144 | ' | ' | 181,456 | ' | ' | ' |
FICO Score, 600 to 699 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 151,602 | ' | 151,602 | ' | ' | 127,423 | ' | ' | ' |
FICO Score Less Than 600 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 26,414 | ' | 26,414 | ' | ' | 24,686 | ' | ' | ' |
No FICO Score [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 21,235 | ' | 21,235 | ' | ' | 22,490 | ' | ' | ' |
Restricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | 98,153 | ' | 98,153 | ' | ' | 83,784 | ' | ' | ' |
Allowances for Mortgage and Contract Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for Mortgage and Contract Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Mortgages [Member] | Restricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 21,235 | ' | 21,235 | ' | ' | 30,721 | ' | ' | ' |
Contributed Mortgages [Member] | Restricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 576 | ' | 576 | ' | ' | 1,337 | ' | ' | ' |
Originated Mortgages [Member] | Restricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 374,158 | ' | 374,158 | ' | ' | 290,264 | ' | ' | ' |
Purchased Mortgages [Member] | Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 65,065 | ' | 65,065 | ' | ' | 64,932 | ' | ' | ' |
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | 21 | 13 | -2 | 19 | ' | ' | ' | ' | ' |
Restricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts | 13,659 | 6,700 | 29,128 | 17,277 | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Charge-offs | ($7,617) | ($7,883) | ($21,486) | ($30,037) | ' | ' | ' | ' | ' |
Other_Receivables_Net_Other_re
Other Receivables, Net Other receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Jul. 24, 2013 |
In Thousands, unless otherwise specified | THE Club dues receivable [Member] | THE Club dues receivable [Member] | Hospitality and Management Services [Member] | Mini-Vacations and Sampler Programs revenue [Member] | Mini-Vacations and Sampler Programs revenue [Member] | Rental receivables [Domain] | Owner maintenance fees for St Maarten [Member] | Owner maintenance fees for St Maarten [Member] | Insurance Claims [Member] | Insurance Claims [Member] | The Club conversion receivable [Member] | The Club conversion receivable [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | ||
Accounts Receivable [Member] | Accounts Receivable [Member] | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,175 | $50,910 | $1,053 |
Other Receivables | 32,977 | 46,049 | 2,654 | 22,012 | 2,935 | 11,890 | 9,512 | 4,252 | 3,320 | 2,230 | 7 | 54 | 0 | 35 | ' | ' | ' |
Income Taxes Receivable | 2,294 | 2,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Receivable | 4,426 | 4,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Receivables, Gross, Current | 4,134 | 2,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Recivables Gross | $32,977 | $46,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postretirement_Benefit_Plan_De
Post-retirement Benefit Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2013 | Dec. 31, 2012 | Jan. 02, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $1,188 | $1,298 | ($1,764) | $1,601 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 223 | ' | 223 | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1,883 | ' | 1,883 | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.30% | ' | 3.30% | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | 0 | ' | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 2,840 | ' | 2,840 | ' | 2,183 | ' | ' |
Defined Benefit Plan, Service Cost | ' | ' | 322 | ' | ' | ' | ' |
Defined Benefit Plan, Interest Cost | ' | ' | 153 | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | ' | 299 | ' | ' | ' | ' |
Interest Paid | ' | ' | 74,427 | 72,099 | ' | ' | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | ' | ' | 223 | ' | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | ' | ' | -41 | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 2,840 | ' | 2,840 | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | ' | 3.00% | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -18,497 | ' | -18,497 | ' | ' | -16,733 | 2,100 |
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | 774 | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | ' | ' | 1,296 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | -2,106 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Report Line [Domain] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | 2,106 | ' | ' | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 522 | ' | ' | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | $153 | ' | ' | ' | ' |
Recovered_Sheet1
Other Receivables, Net Other Receivables - Parenthetical (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Mini-Vacations and Sampler Programs receivable [Member] [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $389,000 | $427,000 |
Rental receivables [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 260,000 | 1,210,000 |
Maintenace and Reserve Fee Receivable [Member] [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 3,529,000 | 2,993,000 |
THE Club dues receivable [Member] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 14,478,000 | 15,034,000 |
The Club conversion receivable [Member] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $242 | $249 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred Finance Costs, Current, Net | $19,472 | $22,143 |
Unamortized maintenance fees | 16,066 | 0 |
Deferred Sales Commission | 12,363 | 8,881 |
Other Inventory, in Transit, Gross | 9,985 | 3,262 |
Prepaid Expense, Current | 5,738 | 3,881 |
Deposits Assets | 4,035 | 3,848 |
Prepaid Insurance | 3,485 | 2,382 |
Advances on Inventory Purchases | 3,330 | 3,299 |
Unamortized Exchange Fees | 2,479 | 0 |
Prepaid professional fees | 2,141 | 1,231 |
Prepaid Advertising | 1,364 | 798 |
Deferred inventory recovery agreements | 1,274 | 0 |
Prepaid Rent | 592 | 296 |
Prepaid maintenance fees | 566 | 4,208 |
Assets Held-for-sale, Other, Noncurrent | 525 | 526 |
Other Prepaid Expense, Current | 5,466 | 3,269 |
Prepaid Expense and Other Assets | $88,881 | $58,024 |
Prepaid_Expenses_and_Other_Ass3
Prepaid Expenses and Other Assets, Net (Narrative) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 24, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 24, 2013 | |
Tempus Inventory Loan [Member] | PMR Acquisition [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2013 [Member] | DPM Acquisition Loan [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DRTOT 2013 [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | PMR Service Companies Aquisition [Member] | island One Acquisition [Member] | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ($1,500,000) | ($1,300,000) | ' | $4,600,000 | $3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | 6,163,000 | 2,594,000 | 100,000 | 2,000,000 | 1,400,000 | 11,600,000 | 13,200,000 | 2,000,000 | 3,300,000 | 1,800,000 | 2,300,000 | 1,200,000 | 1,500,000 | 1,000,000 | 900,000 | 1,200,000 | 1,600,000 | 300,000 | 200,000 | 300,000 | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | 13,383,000 | 0 | 13,383,000 | 13,383,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,383,000 | ' |
Write off of Deferred Debt Issuance Cost | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Prepaid Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,536,000) |
Unsold_Vacation_Interests_Net_1
Unsold Vacation Interests, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Inventory, Gross | ' | ' | ' | ' | ' | ' | $320,712 | $256,805 |
other | 1,286 | -275 | 1,790 | -211 | ' | ' | ' | ' |
Inventory, Net | 301,709 | 330,088 | 301,709 | 330,088 | 307,613 | 315,867 | 330,088 | ' |
Completed unsold Vacation Interests, net | 254,549 | ' | 254,549 | ' | ' | 268,007 | ' | ' |
Undeveloped Land | 33,358 | ' | 33,358 | ' | ' | 38,786 | ' | ' |
Vacation Interest Construction in Progress | 13,802 | ' | 13,802 | ' | ' | 9,074 | ' | ' |
Deferred Inventory Recovery | 612 | 361 | 2,572 | 3,116 | ' | ' | ' | ' |
Vacationinterestscostofsales | -18,605 | -16,778 | -45,451 | -17,175 | ' | ' | ' | ' |
Purchases in connection with Business combinations | 179 | 9,081 | 20,127 | 26,467 | ' | ' | ' | ' |
Open market and bulk purchases | 181 | 2,728 | 1,609 | 3,977 | ' | ' | ' | ' |
Accrued Bulk Purchases | -804 | 0 | 662 | 0 | ' | ' | ' | ' |
Interest Costs Capitalized | -39 | 1,081 | 1,107 | 2,132 | ' | ' | ' | ' |
Construction in progress | 1,387 | 527 | 3,579 | 989 | ' | ' | ' | ' |
Transfers from assets held for sale | 835 | 0 | -9,316 | 1,315 | ' | ' | ' | ' |
Asset Impairment Charges | -1,200 | 0 | -1,200 | 0 | ' | ' | ' | ' |
North America | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Net | 258,824 | ' | 258,824 | ' | ' | 275,352 | ' | ' |
Deferred Inventory Recovery | 3,086 | 11,785 | 4,478 | 14,883 | ' | ' | ' | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Net | 42,885 | ' | 42,885 | ' | ' | 40,515 | ' | ' |
Deferred Inventory Recovery | 4,823 | 0 | 4,823 | 36,221 | ' | ' | ' | ' |
Inventories [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
effect on foreign currency translation | $2,355 | $866 | $1,062 | $1,569 | ' | ' | ' | ' |
Unsold_Vacation_Interests_Net_2
Unsold Vacation Interests, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 |
island One Acquisition [Member] | |||||
Activity related to unsold Vacation Interest [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | ' | $4,823 |
Asset Impairment Charges | ($1,200) | $0 | ($1,200) | $0 | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | |
Land and Land Improvements [Member] | Land and Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Furniture and office equipment [Domain] | Furniture and office equipment [Domain] | Software [Member] | Software [Member] | Computer Equipment [Member] | Computer Equipment [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | island One Acquisition [Member] | ||||||
Land, Buildings and Improvements [Member] | Furniture and Fixtures [Member] | Land, Buildings and Improvements [Member] | Furniture and Fixtures [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $107,958,000 | ' | $107,958,000 | ' | $93,693,000 | $18,624,000 | $16,828,000 | $34,818,000 | $32,932,000 | $18,127,000 | $16,180,000 | $23,916,000 | $17,370,000 | $12,357,000 | $10,358,000 | $116,000 | $25,000 | ' | ' | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -46,740,000 | ' | -46,740,000 | ' | -38,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 61,218,000 | ' | 61,218,000 | ' | 55,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | 3,000,000 | 2,200,000 | 8,100,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'four | 'three | 'forty | 'seven | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,348,000 |
Intangible_Assets_Net_Details
Intangible Assets, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $291,085 | $160,555 |
Finite-Lived Intangible Assets, Accumulated Amortization | -59,960 | -48,057 |
Finite-Lived Intangible Assets, Net | 231,125 | 112,498 |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 27,665 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Finite-Lived Intangible Assets, Net | 27,665 | 0 |
Asset Management [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 202,518 | 117,672 |
Finite-Lived Intangible Assets, Accumulated Amortization | -28,152 | -20,931 |
Finite-Lived Intangible Assets, Net | 174,366 | 96,741 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 39,676 | 38,017 |
Finite-Lived Intangible Assets, Accumulated Amortization | -30,473 | -26,348 |
Finite-Lived Intangible Assets, Net | 9,203 | 11,669 |
Distribution Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 21,226 | 4,866 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,335 | -778 |
Finite-Lived Intangible Assets, Net | $19,891 | $4,088 |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | |
Island One [Member] | Hospitality and Management Services [Member] | ||||||
PMR Service Companies Aquisition [Member] | |||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | $51,830,000 | $50,910,000 |
Finite-Lived Intangible Assets, Gross | 291,085,000 | ' | 291,085,000 | ' | 160,555,000 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -59,960,000 | ' | -59,960,000 | ' | -48,057,000 | ' | ' |
Amortization expense management contracts | '3047 | '1951 | '7473 | '4990 | ' | ' | ' |
Accumulated Amortization Other Intangibles | '1535 | '1090 | '4355 | '2392 | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 18,900,000 | ' | 18,900,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16,800,000 | ' | 16,800,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 13,500,000 | ' | 13,500,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 12,600,000 | ' | 12,600,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12,100,000 | ' | 12,100,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | $231,125,000 | ' | $231,125,000 | ' | $112,498,000 | ' | ' |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets Held-for-sale, Long Lived | $11,181,000 | $5,224,000 | ' |
Other Assets Held-for-sale | 300,000 | ' | 1,000,000 |
Pacifir Monarch Resorts [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets Held-for-sale, Long Lived | $5,900,000 | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Accrued interest | $8,565 | $23,627 |
Accrued payroll and related | 27,240 | 22,313 |
Accrued marketing expenses | 9,721 | 12,189 |
Accrued commissions | 14,916 | 12,021 |
Accrued other taxes | 10,500 | 7,165 |
Accrued professional fees | 2,839 | 5,472 |
Accrued insurance | 3,224 | 4,983 |
Accrued liability related to business combinations | 3,478 | 3,400 |
Accrued operating lease liabilities | 3,617 | 3,438 |
Deposits on pending sale of assets | 1,305 | 2,693 |
Accrued call center costs | 1,633 | 2,060 |
Accrued exchange company fees | 4,694 | 1,209 |
Accrued contingent litigation liabilities | 963 | 1,102 |
Other | 6,251 | 4,779 |
Total accrued liabilities | $98,946 | $106,451 |
Deferred_Revenues_Details
Deferred Revenues (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Recognition of Deferred Revenue | $5,000,000 | ' |
Deferred Revenue | 89,738,000 | 93,833,000 |
Mini-Vacations and Sampler Programs revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 50,292,000 | 33,633,000 |
Maintenace and Reserve Fee Revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 19,270,000 | 13,335,000 |
Annual Membership Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 12,901,000 | 41,097,000 |
Deferred Revenue from and Exchange Company [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 1,996,000 | 2,350,000 |
Accrued Guest Deposits [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 3,544,000 | 2,100,000 |
Unbilled Revenues [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 805,000 | 958,000 |
Amenity Fee Revenue [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 606,000 | 0 |
Management Fees and Allocation Revenue [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | $324,000 | $360,000 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 6 Months Ended | 9 Months Ended | 48 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 15 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2015 | Aug. 22, 2013 | Jul. 24, 2013 | Dec. 31, 2012 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Sep. 30, 2013 | Jul. 24, 2013 | Oct. 28, 2013 | Jul. 24, 2013 | Aug. 31, 2010 | Sep. 30, 2013 | Oct. 15, 2009 | Apr. 27, 2011 | Sep. 30, 2013 | Aug. 31, 2010 | Jul. 02, 2011 | Dec. 31, 2012 | Apr. 28, 2011 | Dec. 31, 2012 | Apr. 27, 2012 | Apr. 30, 2010 | Sep. 30, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Aug. 13, 2010 | Apr. 11, 2013 | Oct. 14, 2011 | Apr. 28, 2011 | Oct. 16, 2009 | Apr. 12, 2014 | Jan. 23, 2013 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | Oct. 15, 2009 | Sep. 30, 2013 | Oct. 16, 2009 | Oct. 15, 2009 | 21-May-12 | Jul. 24, 2013 | 21-May-12 | Sep. 30, 2013 | Sep. 11, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Jul. 02, 2011 | Jul. 24, 2013 | Jul. 02, 2011 | Dec. 31, 2012 | Nov. 20, 2012 | Oct. 05, 2012 | Dec. 31, 2012 | Jul. 02, 2011 | 21-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | |
Island One Conduit Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | ILXA Receivables Loan [Member] | Notes Payable - Property Insurance Policy [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Senior Notes [Member] | Senior Notes [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | 2009 DROT Class A [Member] | Island One Note Payable [Member] | 2009 DROT Class B [Member] | 2009 DROT Class B [Member] | DPM Acquisition Loan [Member] | PMR Acquisition [Member] | RFA DPM Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Tempus Receivables Loan [Member] | Participation loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Risk Level, Low [Member] | Risk Level, Low [Member] | Risk Level, Low [Member] | |||||||||||
DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requiredpayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | 74,427,000 | 72,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 2,500,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Exit Fees, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Timeshare Loans Release Fee, Payment Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | 419,729,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,665,000 | 50,025,000 | 27,156,000 | ' | ' | ' | 374,440,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' |
Original Debt Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | -8,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,988,000 | -10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -269,000 | -441,000 | -246,000 | -312,000 | ' | ' | -6,798,000 | -8,509,000 | ' | ' | ' | 0 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | 7.36% | 6.00% | ' | 5.50% | ' | 3.15% | ' | 4.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.31% | 5.00% | ' | 12.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | 8.00% | ' | 7.00% |
debt instrument closing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' |
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt - payment of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,300,000 | ' | ' | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | 134,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | 64,600,000 | 73,400,000 | 200,000,000 | 215,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,098,000 | 52,417,000 | ' | ' | 104,970,000 | 75,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Renewal Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Facility Minimum Aggregate Loan Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 60,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | 15,000,000 | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | 11,900,000 | ' | 182,000,000 | 64,500,000 | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' | 169,200,000 | ' | ' | 12,800,000 | 71,300,000 | ' | ' | 15,000,000 | ' | 0 | 74,500,000 | ' | ' | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | 735,570,000 | ' | ' | ' | ' | 810,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,400,000 | 148,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Interest in Tempus Receivables Loan | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 3.25% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | 1,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Credit Quality, Additional Information | '.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | ' | ' | '.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details
Borrowings (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 01, 2014 | Sep. 11, 2013 | Aug. 22, 2013 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 13, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 11, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 11, 2013 | Oct. 14, 2011 | Jan. 23, 2013 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 18, 2013 | Oct. 18, 2013 | Sep. 30, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Jan. 23, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 27, 2012 | Apr. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 20, 2013 | Sep. 20, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 15, 2009 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 27, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Island One [Member] | Island One [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Notes Payable Insurance Policies [Member] | Notes Payable Insurance Policies [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | DPM Inventory Loan [Member] | DPM Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | DPM Acquisition Loan [Member] | DPM Acquisition Loan [Member] | DPM Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan -Payments In Transit [Member] | Tempus Receivables Loan -Payments In Transit [Member] | Participation loan [Member] | Participation loan [Member] | Participation loan [Member] | Corporate Debt Securities [Member] | Secured Debt [Member] | Securitiztion loans and funding facilities [Domain] | ||||||||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Minimum [Member] | Maximum [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Issuance of Debt [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Issuance of Debt [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Fair Value, Inputs, Level 2 [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | $74,427,000 | $72,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Interest in Tempus Receivables Loan | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt - payment of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | 419,729,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | 374,440,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,231,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 30,990,000 | ' | ' | ' | ' | ' | 28,665,000 | 50,025,000 | ' | ' | ' | 27,156,000 | ' | ' | ' | ' | 4,270,000 | ' | ' | ' | 4,105,000 | ' | ' | 107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385,989,000 | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | -8,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,988,000 | -10,600,000 | -6,798,000 | -8,509,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -269,000 | -441,000 | ' | ' | ' | -246,000 | -312,000 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | 106.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 0 | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | -50,560,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEniorSecuredNotes-RedemptionPrice | ' | ' | ' | ' | ' | 1,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | 134,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,256,000 | 15,939,000 | ' | ' | 4,786,000 | 1,267,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 62,211,000 | ' | ' | ' | ' | ' | 0 | 50,846,000 | ' | ' | ' | ' | 75,000,000 | ' | 64,600,000 | 73,400,000 | 200,000,000 | 215,400,000 | 104,970,000 | 75,000,000 | 125,000,000 | 180,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 56,098,000 | 52,417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 44,027,000 | 0 | -1,150,000 | 7,500,000 | 0 | -5,945,000 | ' | 19,519,000 | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,985,000 | 5,832,000 | ' | ' | ' | ' | ' | 4,300,000 | 2,464,000 | 2,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitization Notes and Funding Facilities | ' | ' | 256,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,062,000 |
Notes Payable | 22,866,000 | ' | 137,906,000 | ' | ' | ' | ' | ' | ' | 696,000 | 0 | 22,670,000 | 137,769,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,303,000 | 2,366,000 | ' | 348,000 | 872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 735,570,000 | ' | 810,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | 10.00% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | 6.00% | ' | ' | ' | 5.50% | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 15,000,000 | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' | ' | ' | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' | 182,000,000 | ' | ' | ' | ' | 64,500,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Issue Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -328,000 | -441,000 | 900,000 | ' | ' | -268,000 | -312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Debt Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.20% | ' | ' | 5.60% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 7.50% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 7.00% | ' | ' | ' | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Pledged as Collateral | -394,318,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | -2,691,000 | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -116,167,000 | ' | ' | ' | -71,949,000 | ' | ' | ' | ' | ' | ' | ' | -59,368,000 | ' | ' | -35,802,000 | ' | ' | 0 | ' | ' | -69,000,000 | ' | 0 | ' | ' | -27,662,000 | ' | ' | ' | ' | -5,010,000 | ' | ' | ' | -5,761,000 | ' | ' | -908,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | -394,318,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ' | ' | ' | -25,000,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | -10,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -20,030,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | -23,902,000 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000,000 | 0 | -43,932,000 |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | 53,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Facility Minimum Aggregate Loan Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 60,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $38,495,000 | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2013 | |
Income Taxes [Abstract] | ' |
Corporate tax rate | 0.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Oct. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Dec. 31, 2011 | Feb. 11, 2011 | Feb. 11, 2011 | Feb. 11, 2011 |
Insurance-related Assessments [Member] | Pending Litigation 2 [Member] | Pending Litigation 1 [Member] | St Maarten [Member] | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | $2.30 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 10.00% | 10.00% | 12.00% | ' | ' | ' | 12.00% |
Litigation Settlement, Expense | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Litigation Liability | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' |
Customer Refund Liability, Noncurrent | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1.2 | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | ' | 9.7 | ' | ' | ' |
Environmental Remediation Expense | $65.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $700,000 | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' |
Mortgages and contracts receivable, net | 377,513,000 | 312,932,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 377,513,000 | 312,932,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 377,513,000 | 312,932,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | $377,513,000 | $312,932,000 |
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Inputs, Quoted Price | 111 | 109 |
Notes Payable-RFA fees [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | 10.00% | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | $377,513 | $312,932 |
Senior Secured Notes, net | 367,642 | 416,491 |
Securitization notes and Funding Facilities, net | 330,062 | 256,302 |
Notes Payable | 22,866 | 137,906 |
Total liabilities | 1,031,746 | 1,091,607 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 377,513 | 312,932 |
Line of Credit Facility, Amount Outstanding | 15,000 | ' |
Senior Secured Notes, net | 367,642 | 416,491 |
Securitization notes and Funding Facilities, net | 330,062 | 256,302 |
Notes Payable | 22,866 | 137,906 |
Total liabilities | 735,570 | 810,699 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 377,513 | 312,932 |
Line of Credit Facility, Amount Outstanding | 15,000 | ' |
Senior Secured Notes, net | 415,628 | 463,250 |
Securitization notes and Funding Facilities, net | 332,891 | 270,392 |
Notes Payable | 22,670 | 137,769 |
Total liabilities | 786,189 | 871,411 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 0 | 0 |
Line of Credit Facility, Amount Outstanding | 15,000 | ' |
Senior Secured Notes, net | 415,628 | 463,250 |
Securitization notes and Funding Facilities, net | 332,891 | 270,392 |
Notes Payable | 22,670 | 137,769 |
Total liabilities | 786,189 | 871,411 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 377,513 | 312,932 |
Line of Credit Facility, Amount Outstanding | 0 | ' |
Senior Secured Notes, net | 0 | 0 |
Securitization notes and Funding Facilities, net | 0 | 0 |
Notes Payable | 0 | 0 |
Total liabilities | $0 | $0 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended | ||||||||||||
Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 18, 2013 | Oct. 15, 2012 | Jun. 30, 2011 | Apr. 26, 2007 | Oct. 15, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | 21-May-12 | Oct. 15, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Common Class B [Member] | Weighted Average [Member] | tempus warrant [Member] | PMR warrant [Member] [Member] | Stock Compensation Plan [Member] | Island One [Member] | Revolving Credit Facility [Member] | Scenario, Actual [Member] | Pro Forma [Member] | ||||||||||
Common Class B [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 |
Common Stock, Value, Issued | ' | $755,000 | $755,000 | ' | $541,000 | ' | ' | ' | ' | ' | ' | $0 | $0.00 | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | ' | ' | ' | ' | '60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112.2 | ' | ' | ' | 66.3 | ' | ' | 0 | 250,000,000 |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Units percentage vested | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | 38,495,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,008 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,236,251 | ' | ' | ' |
Payments for Repurchase of Warrants | ' | -10,346,000 | -10,346,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | -6,432,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 75,394,118 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 18, 2013 | Jan. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 02, 2013 | Sep. 30, 2013 | Jul. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 18, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Company employees [Member] | Company employees [Member] | Company employees [Member] | Parent Company [Member] | HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | 2013 Plan [Member] | 2013 Plan [Member] | Director [Member] | Parent Company [Member] | HM&C Employees [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Former holders of DRP BCU [Member] | Certain Eligible Persons [Member] | Weighted Average [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | ||||||
Restricted Stock [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,733,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,930 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | 1,974,000 | ' | ' | ' | 4,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | ' | 697,000 | 697,000 | ' | ' | 3,731,000 | 3,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | ' | ' | 3,355 | 3,355 | ' | ' | 17,945 | 17,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | ' | ' | 9,497 | 9,497 | 0 | ' | 21,443 | 21,443 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 15,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 758 | 7,735 | 7,485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $38,495 | $3,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $171 | $6,041 | $32,283 | $808 | $2,298 | $35,389 | ' | ' | ' | $808 | $808 | $0 | $0 | $1,950 | $0 | $1,950 | $0 | $174 | $0 | $174 | $0 | $174 | $0 | $174 | $0 | $35,389 | $0 | $0 | $35,389 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 32,000 | ' | ' | ' | ' | ' | 1,974,000 | ' | ' | ' | 4,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | 1,974,000 | 1,974,000 | 0 | ' | 4,458,000 | 4,458,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | $14 | $14 | $0 | ' | $14 | $14 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | $14 | $14 | ' | ' | $14 | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | $7.40 | ' | $8.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | 52.90% | ' | 49.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months 18 days | ' | '9 years 1 month 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' | ' | ' | ' | ' | -697,000 | ' | ' | ' | -3,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage shares vested | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | -6,432,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,760,215 | 2,672,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 10 months 24 days | ' | ' | ' | ' | '9 years 9 months 18 days | '0 years | ' | ' | '9 years 9 months 18 days | '0 years | ' | ' | ' | '1 year 8 months 12 days | '2 years 10 months 24 days | '2 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Outstanding | 32,000 | ' | ' | ' | 0 | 1,277,000 | 1,277,000 | 0 | ' | 727,000 | 727,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $14 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_income_loss_per_share_Deta
Net income (loss) per share (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,103 |
Restricted Stock [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33,561 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 2 Months Ended | 9 Months Ended | 0 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 2 Months Ended | 2 Months Ended | ||||||||||||||||
Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | |
Island One Companies [Member] | Island One [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | Cash and Cash Equivalents [Member] | Mortgages [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | Member Exchange Club [Member] | Member Exchange Club [Member] | Hospitality and Management Services [Member] | Customer Lists [Member] | Customer Lists [Member] | due from related parties [Domain] | |||||||
PMR Acquisition [Member] | PMR Acquisition [Member] | Island One [Member] | PMR Acquisition [Member] | PMR Service Companies Aquisition [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | '20 years | ' | ' | '3 years | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $195,539,000 | $150,162 | $542,158 | $400,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | 47,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,758,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 73,300,000 | ' | ' | ' | ' | ' | 73,300,000 | ' | ' | ' | 73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,307,000 | 47,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 1,750,000 | ' | ' | ' | ' | ' | 1.75 | ' | ' | ' | 725,000 | 47,758,000 | ' | ' | ' | ' | ' | 1,264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,357,000 | 50,910,000 | ' | ' | ' | ' | ' | ' | 14,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | 328,000 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | 51,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,850,000 | ' | ' | ' | 16,360,000 | 50,910,000 | ' | 1,620,000 | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | ' | ' | ' | ' | 83,164,000 | ' | ' | ' | 52,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liability), Net, Noncurrent | ' | ' | ' | ' | ' | ' | ' | 18,317,000 | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | 19,205,000 | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | 45,642,000 | ' | ' | ' | 50,514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | ' | ' | ' | ' | 27,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | -600,000 | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | 2,756,000 | -115,000 | -2,756,000 | 2,726,000 | 22,634,000 | ' | ' | ' | 0 | ' | 2,756,000 | 2,800,000 | ' | ' | 2,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($30,223,000) | ($11,377) | ($6,864) | $30,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($420) | ($200) | ($110) | $550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000 | 56,000 | 64,000 | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 |
Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and member services | $33,610 | $29,999 | ' | ' | ' | ' | $96,304 | $85,574 | $33,610 | $29,999 | ' | $96,304 | $85,574 | ' | $0 | $0 | ' | $0 | $0 | ' | $0 | $0 | ' | $0 | $0 | ' |
Consolidated Resort Operations | 9,326 | 8,361 | ' | ' | ' | ' | 26,465 | 25,522 | 9,326 | 8,361 | ' | 26,465 | 25,522 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Time Share Revenue | 137,559 | 89,594 | ' | ' | ' | ' | 355,546 | 218,857 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Uncollectible Vacation Interest Sales Revenue | 13,851 | 6,276 | 6,276 | ' | 29,731 | 16,093 | 29,731 | 16,093 | 0 | ' | ' | 0 | ' | ' | 13,851 | 6,276 | ' | 29,731 | 16,093 | ' | 0 | 0 | ' | 0 | 0 | ' |
Vacation Interest Net | 123,708 | 83,318 | ' | ' | ' | ' | 325,815 | 202,764 | 0 | 0 | ' | 0 | 0 | ' | 123,708 | 83,318 | ' | 325,815 | 202,764 | ' | 0 | 0 | ' | 0 | 0 | ' |
Interest Income, Operating | 14,297 | 12,886 | ' | ' | ' | ' | 41,159 | 39,054 | 0 | 0 | ' | 0 | 0 | ' | 13,971 | 12,551 | ' | 40,021 | 38,015 | ' | 326 | 335 | ' | 1,138 | 1,039 | ' |
Other Operating Income | 10,661 | 8,148 | ' | ' | ' | ' | 29,184 | 20,192 | 1,227 | 1,019 | ' | 7,535 | 3,835 | ' | 9,434 | 7,129 | ' | 21,649 | 16,357 | ' | 0 | 0 | ' | 0 | 0 | ' |
Revenues | 191,602 | 142,712 | ' | ' | ' | ' | 518,927 | 373,106 | 44,163 | 39,379 | ' | 130,304 | 114,931 | ' | 147,113 | 102,998 | ' | 387,485 | 257,136 | ' | 326 | 335 | ' | 1,138 | 1,039 | ' |
Management and member services costs and expenses | 9,408 | 8,862 | ' | ' | ' | ' | 27,952 | 25,597 | 9,408 | 8,862 | ' | 27,952 | 25,597 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Consolidated Resort Operations Costs and Expenses | 9,602 | 7,314 | ' | ' | ' | ' | 26,169 | 22,620 | 9,602 | 7,314 | ' | 26,169 | 22,620 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Time Share Costs | 18,605 | 16,778 | ' | ' | ' | ' | 45,451 | 17,175 | 0 | 0 | ' | 0 | 0 | ' | 18,605 | 16,778 | ' | 45,451 | 17,175 | ' | 0 | 0 | ' | 0 | 0 | ' |
Marketing and Advertising Expense | 70,714 | 49,554 | ' | ' | ' | ' | 181,668 | 124,591 | 0 | 0 | ' | 0 | 0 | ' | 70,714 | 49,554 | ' | 181,668 | 124,591 | ' | 0 | 0 | ' | 0 | 0 | ' |
Vacation Interest Carrying Cost Net | 10,154 | 8,226 | ' | ' | ' | ' | 29,141 | 26,674 | 0 | 0 | ' | 0 | 0 | ' | 10,154 | 8,226 | ' | 29,141 | 26,674 | ' | 0 | 0 | ' | 0 | 0 | ' |
Loan Portfolio Expense | 2,296 | 2,446 | ' | ' | ' | ' | 7,555 | 7,180 | 278 | 189 | ' | 782 | 631 | ' | 2,018 | 2,257 | ' | 6,773 | 6,549 | ' | 0 | ' | ' | 0 | 0 | ' |
Other Cost and Expense, Operating | 3,912 | 2,454 | ' | ' | ' | ' | 6,518 | 5,419 | 0 | 0 | ' | 0 | 0 | ' | 3,912 | 2,454 | ' | 6,518 | 5,419 | ' | 0 | 0 | ' | 0 | 0 | ' |
General and Administrative Expense | 61,114 | 27,976 | ' | ' | ' | ' | 105,612 | 70,937 | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 61,114 | 27,976 | ' | 105,612 | 70,937 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 7,583 | 5,205 | ' | ' | ' | ' | 19,912 | 13,379 | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 7,583 | 5,205 | ' | 19,912 | 13,379 | ' |
Interest Expense | 20,925 | 24,808 | ' | ' | ' | ' | 70,561 | 69,958 | 0 | 0 | ' | 0 | 0 | ' | 4,267 | 4,554 | ' | 12,451 | 14,240 | ' | 16,658 | 20,254 | ' | 58,110 | 55,718 | ' |
Gains (Losses) on Extinguishment of Debt | 13,383 | 0 | ' | 13,383 | ' | ' | 13,383 | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 | ' | 0 | ' | 0 | 13,383 | 0 | ' | 13,383 | ' | 0 |
Other Asset Impairment Charges | 1,200 | 401 | 401 | ' | ' | ' | 1,279 | 390 | 0 | ' | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 | ' | 1,200 | ' | 401 | 1,279 | 390 | ' |
Asset Impairment Charges | -1,200 | 0 | ' | ' | ' | ' | -1,200 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | 585 | 122 | ' | ' | ' | ' | 673 | 218 | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 585 | 122 | ' | 673 | 218 | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 2,756 | -115 | ' | -2,756 | ' | ' | 2,726 | 22,634 | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 2,756 | -115 | ' | 2,726 | 22,634 | ' |
Costs and Expenses | 225,555 | 154,017 | ' | ' | ' | ' | 531,802 | 361,068 | 19,288 | 16,365 | ' | 54,903 | 48,848 | ' | 109,670 | 83,823 | ' | 282,002 | 194,648 | ' | 96,597 | 53,829 | ' | 194,897 | 117,572 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -33,953 | -11,305 | ' | ' | ' | ' | -12,875 | 12,038 | 24,875 | 23,014 | ' | 75,401 | 66,083 | ' | 37,443 | 19,175 | ' | 105,483 | 62,488 | ' | -96,271 | -53,494 | ' | -193,759 | -116,533 | ' |
Income Tax Expense (Benefit) | -7,626 | 340 | ' | ' | ' | ' | -6,777 | -13,353 | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | -7,626 | 340 | ' | -6,777 | -13,353 | ' |
Net income (loss) | ($26,327) | ($11,645) | ' | ' | ' | ' | ($6,098) | $25,391 | $24,875 | $23,014 | ' | $75,401 | $66,083 | ' | $37,443 | $19,175 | ' | $105,483 | $62,488 | ' | ($88,645) | ($53,834) | ' | ($186,982) | ($103,180) | ' |
Consolidating_Financial_Statem2
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 2 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2007 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 22, 2013 | Dec. 31, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 13, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
PMR Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Parent and Guarantor Subsidiaries [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | |||||||||||||||
PMR Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | Consolidation, Eliminations, Guarantor [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ($8,040,000) | ' | ' | ' | ($8,040,000) | ($13,612,000) | ' | ' | ' | ' | ' | $13,612,000 | $18,317,000 | ' | ' | ' | $1,622,000 | ' | ' | ' | ' | ($6,196,000) | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ($1,622,000) | ' | ' | ' | ($13,612,000) | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ($222,000) | ' | ' | ' | $0 | ' | ' | ' | $18,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | ' | ' | ' | ' | 52,291,000 | ' | ' | ' | 83,164,000 | 89,760,000 | ' | ' | ' | ' | ' | 89,760,000 | 83,164,000 | ' | ' | ' | 52,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 89,760,000 | ' | ' | ' | 0 | 52,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 83,164,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | ' | 27,665,000 | ' | ' | ' | ' | ' | ' | ' | 27,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | 204,705,000 | ' | -73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for Mortgage and Contract Receivables | ' | -98,153,000 | -80,780,000 | -80,901,000 | ' | ' | -87,193,000 | -80,901,000 | -98,153,000 | -80,780,000 | ' | -83,784,000 | ' | -84,098,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | -63,965,000 | ' | ' | ' | ' | ' | -63,965,000 | ' | 77,970,000 | ' | ' | ' | ' | ' | -34,188,000 | ' | ' | ' | ' | ' | -34,188,000 | ' | 5,814,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase Decrease in Escrow and Restricted Cash | ' | ' | ' | ' | ' | ' | ' | ' | -17,670,000 | -4,753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,852,000 | -768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,818,000 | -3,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Share Revenue | ' | 137,559,000 | 89,594,000 | ' | ' | ' | ' | ' | 355,546,000 | 218,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | ' | 29,876,000 | 18,247,000 | ' | ' | ' | ' | ' | 29,876,000 | 18,247,000 | ' | 21,061,000 | ' | 19,897,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 16,266,000 | 8,824,000 | ' | ' | ' | ' | 16,266,000 | 8,824,000 | 12,589,000 | 9,061,000 | ' | ' | ' | ' | 13,610,000 | 9,423,000 | ' | ' | ' | ' | 13,610,000 | 9,423,000 | 8,472,000 | 10,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | ' | 61,242,000 | ' | ' | ' | ' | ' | ' | 61,242,000 | ' | ' | 42,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 28,424,000 | ' | ' | ' | ' | ' | 28,424,000 | ' | 18,575,000 | ' | ' | ' | ' | ' | 32,818,000 | ' | ' | ' | ' | ' | 32,818,000 | ' | 23,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and contracts receivable, net | ' | 377,513,000 | ' | ' | ' | ' | ' | ' | 377,513,000 | ' | ' | 312,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | -4,000 | ' | ' | ' | ' | ' | 354,744,000 | ' | ' | ' | ' | ' | 354,744,000 | ' | 279,563,000 | ' | ' | ' | ' | ' | 22,769,000 | ' | ' | ' | ' | ' | 22,769,000 | ' | 33,373,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | -9,563,000 | 18,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,973,000 | 8,270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,837,000 | 20,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -180,699,000 | -10,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable, Current | ' | 25,000 | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | 927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,196,000 | ' | ' | ' | ' | ' | -6,196,000 | ' | ' | ' | ' | ' | ' | ' | 6,221,000 | ' | ' | ' | ' | ' | 6,221,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Expense and Other Assets | ' | 88,881,000 | ' | ' | ' | ' | ' | ' | 88,881,000 | ' | ' | 58,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,056,000 | ' | ' | ' | ' | ' | -14,056,000 | ' | -14,182,000 | ' | ' | ' | ' | ' | 38,146,000 | ' | ' | ' | ' | ' | 38,146,000 | ' | 21,497,000 | ' | ' | ' | ' | ' | 64,791,000 | ' | ' | ' | ' | ' | 64,791,000 | ' | 50,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Net | ' | 301,709,000 | 330,088,000 | 330,088,000 | ' | ' | 307,613,000 | 330,088,000 | 301,709,000 | 330,088,000 | ' | 315,867,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,018,000 | ' | ' | ' | ' | ' | -44,018,000 | ' | -22,261,000 | ' | ' | ' | ' | ' | 118,848,000 | ' | ' | ' | ' | ' | 118,848,000 | ' | 117,629,000 | ' | ' | ' | ' | ' | 226,879,000 | ' | ' | ' | ' | ' | 226,879,000 | ' | 220,499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | ' | 61,218,000 | ' | ' | ' | ' | ' | ' | 61,218,000 | ' | ' | 55,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 24,076,000 | ' | ' | ' | ' | ' | 24,076,000 | ' | 25,610,000 | ' | ' | ' | ' | ' | 37,142,000 | ' | ' | ' | ' | ' | 37,142,000 | ' | 29,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, Long Lived | ' | 11,181,000 | ' | ' | ' | ' | ' | ' | 11,181,000 | ' | ' | 5,224,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,224,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, at Carrying Value | ' | 11,181,000 | ' | ' | ' | ' | ' | ' | 11,181,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 7,181,000 | ' | ' | ' | ' | ' | 7,181,000 | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | ' | 231,125,000 | ' | ' | ' | ' | ' | ' | 231,125,000 | ' | ' | 112,498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 126,199,000 | ' | ' | ' | ' | ' | 126,199,000 | ' | 84,929,000 | ' | ' | ' | ' | ' | 104,926,000 | ' | ' | ' | ' | ' | 104,926,000 | ' | 27,569,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | 1,232,205,000 | ' | ' | ' | ' | ' | ' | 1,232,205,000 | ' | ' | 993,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -381,787,000 | ' | ' | ' | ' | ' | -381,787,000 | ' | -169,670,000 | ' | ' | ' | ' | ' | 771,575,000 | ' | ' | ' | ' | ' | 771,575,000 | ' | 608,389,000 | ' | ' | ' | ' | ' | 842,417,000 | ' | ' | ' | ' | ' | 842,417,000 | ' | 554,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 14,566,000 | ' | ' | ' | ' | ' | ' | 14,566,000 | ' | ' | 15,719,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 9,020,000 | ' | ' | ' | ' | ' | 9,020,000 | ' | 6,199,000 | ' | ' | ' | ' | ' | 5,546,000 | ' | ' | ' | ' | ' | 5,546,000 | ' | 9,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to related parties, net | ' | ' | ' | ' | ' | ' | ' | ' | 17,833,000 | 48,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,941,000 | -7,785,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,493,000 | 35,886,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,281,000 | 20,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities | ' | 98,946,000 | ' | ' | ' | ' | ' | ' | 98,946,000 | ' | ' | 106,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -934,000 | ' | ' | ' | ' | ' | -934,000 | ' | -1,065,000 | ' | ' | ' | ' | ' | 36,131,000 | ' | ' | ' | ' | ' | 36,131,000 | ' | 35,120,000 | ' | ' | ' | ' | ' | 63,749,000 | ' | ' | ' | ' | ' | 63,749,000 | ' | 72,396,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Income Taxes | ' | 1,091,000 | ' | ' | ' | ' | ' | ' | 1,091,000 | ' | ' | 701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 1,065,000 | ' | ' | ' | ' | ' | 1,065,000 | ' | 701,000 | ' | ' | ' | ' | ' | 26,000 | ' | ' | ' | ' | ' | 26,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Deferred Income | ' | 11,899,000 | ' | ' | ' | ' | ' | ' | 11,899,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,196,000 | ' | ' | ' | ' | ' | -6,196,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 18,095,000 | ' | ' | ' | ' | ' | 18,095,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | 89,738,000 | ' | ' | ' | ' | ' | ' | 89,738,000 | ' | ' | 93,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 17,914,000 | ' | ' | ' | ' | ' | 17,914,000 | ' | 14,181,000 | ' | ' | ' | ' | ' | 71,824,000 | ' | ' | ' | ' | ' | 71,824,000 | ' | 79,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Notes, net | ' | 367,642,000 | ' | ' | ' | ' | ' | ' | 367,642,000 | ' | ' | 416,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 367,642,000 | ' | ' | ' | ' | ' | 367,642,000 | ' | 416,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitization notes and Funding Facilities, net | ' | 330,062,000 | ' | ' | ' | ' | ' | ' | 330,062,000 | ' | ' | 256,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 325,957,000 | ' | ' | ' | ' | ' | 325,957,000 | ' | 256,302,000 | ' | ' | ' | ' | ' | 4,105,000 | ' | ' | ' | ' | ' | 4,105,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities | ' | 657,000 | ' | ' | ' | ' | ' | ' | 657,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 657,000 | ' | ' | ' | ' | ' | 657,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | 22,866,000 | ' | ' | ' | ' | ' | ' | 22,866,000 | ' | ' | 137,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 19,534,000 | ' | ' | ' | ' | ' | 19,534,000 | ' | 134,687,000 | ' | ' | ' | ' | ' | 3,332,000 | ' | ' | ' | ' | ' | 3,332,000 | ' | 3,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | 1,031,746,000 | ' | ' | ' | ' | ' | ' | 1,031,746,000 | ' | ' | 1,091,607,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -342,679,000 | ' | ' | ' | ' | ' | -342,679,000 | ' | -151,560,000 | ' | ' | ' | ' | ' | 760,404,000 | ' | ' | ' | ' | ' | 760,404,000 | ' | 602,393,000 | ' | ' | ' | ' | ' | 614,021,000 | ' | ' | ' | ' | ' | 614,021,000 | ' | 640,774,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | ' | 755,000 | ' | ' | ' | ' | ' | ' | 755,000 | ' | ' | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,675,000 | ' | ' | ' | ' | ' | -9,675,000 | ' | -9,675,000 | ' | ' | ' | ' | ' | 9,675,000 | ' | ' | ' | ' | ' | 9,675,000 | ' | 9,675,000 | ' | ' | ' | ' | ' | 755,000 | ' | ' | ' | ' | ' | 755,000 | ' | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Units, Value | ' | 461,733,000 | ' | ' | ' | ' | ' | ' | 461,733,000 | ' | ' | 155,027,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,381,000 | ' | ' | ' | ' | ' | -4,381,000 | ' | -4,507,000 | ' | ' | ' | ' | ' | 16,855,000 | ' | ' | ' | ' | ' | 16,855,000 | ' | 16,980,000 | ' | ' | ' | ' | ' | 449,259,000 | ' | ' | ' | ' | ' | 449,259,000 | ' | 142,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | ' | -243,532,000 | ' | ' | ' | ' | ' | ' | -243,532,000 | ' | ' | -237,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,569,000 | ' | ' | ' | ' | ' | -25,569,000 | ' | -4,444,000 | ' | ' | ' | ' | ' | -19,995,000 | ' | ' | ' | ' | ' | -19,995,000 | ' | -25,012,000 | ' | ' | ' | ' | ' | -197,968,000 | ' | ' | ' | ' | ' | -197,968,000 | ' | -207,978,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | -18,497,000 | ' | ' | ' | ' | ' | ' | -18,497,000 | ' | ' | -16,733,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517,000 | ' | ' | ' | ' | ' | 517,000 | ' | 516,000 | ' | ' | ' | ' | ' | 4,636,000 | ' | ' | ' | ' | ' | 4,636,000 | ' | 4,353,000 | ' | ' | ' | ' | ' | -23,650,000 | ' | ' | ' | ' | ' | -23,650,000 | ' | -21,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital | ' | 200,459,000 | ' | ' | ' | ' | ' | ' | 200,459,000 | ' | ' | -98,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,108,000 | ' | ' | ' | ' | ' | -39,108,000 | ' | -18,110,000 | ' | ' | ' | ' | ' | 11,171,000 | ' | ' | ' | ' | ' | 11,171,000 | ' | 5,996,000 | ' | ' | ' | ' | ' | 228,396,000 | ' | ' | ' | ' | ' | 228,396,000 | ' | -86,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities and Member Capital | ' | 1,232,205,000 | ' | ' | ' | ' | ' | ' | 1,232,205,000 | ' | ' | 993,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -381,787,000 | ' | ' | ' | ' | ' | -381,787,000 | ' | -169,670,000 | ' | ' | ' | ' | ' | 771,575,000 | ' | ' | ' | ' | ' | 771,575,000 | ' | 608,389,000 | ' | ' | ' | ' | ' | 842,417,000 | ' | ' | ' | ' | ' | 842,417,000 | ' | 554,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Uncollectible Vacation Interest Sales Revenue | ' | -13,851,000 | -6,276,000 | -6,276,000 | ' | ' | -29,731,000 | -16,093,000 | -29,731,000 | -16,093,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | -273,000 | ' | 385,000 | ' | -726,000 | 1,081,000 | -726,000 | 1,081,000 | ' | ' | ' | ' | ' | ' | -13,578,000 | ' | -6,661,000 | ' | -29,005,000 | -17,174,000 | -29,005,000 | -17,174,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation Interest Net | ' | 123,708,000 | 83,318,000 | ' | ' | ' | ' | ' | 325,815,000 | 202,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 22,152,000 | 11,733,000 | ' | ' | ' | ' | 57,981,000 | 28,511,000 | ' | ' | ' | ' | ' | ' | 101,556,000 | 71,585,000 | ' | ' | ' | ' | 267,834,000 | 174,253,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and member services | ' | 33,610,000 | 29,999,000 | ' | ' | ' | ' | ' | 96,304,000 | 85,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,340,000 | -3,993,000 | ' | ' | ' | ' | -12,913,000 | -8,622,000 | ' | ' | ' | ' | ' | ' | 11,449,000 | 9,655,000 | ' | ' | ' | ' | 31,312,000 | 23,857,000 | ' | ' | ' | ' | ' | ' | 26,501,000 | 24,337,000 | ' | ' | ' | ' | 77,905,000 | 70,339,000 | ' | ' | ' | ' | ' | ' | 33,610,000 | 29,999,000 | ' | 96,304,000 | 85,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Resort Operations | ' | 9,326,000 | 8,361,000 | ' | ' | ' | ' | ' | 26,465,000 | 25,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 2,075,000 | 1,571,000 | ' | ' | ' | ' | 6,160,000 | 5,549,000 | ' | ' | ' | ' | ' | ' | 7,251,000 | 6,790,000 | ' | ' | ' | ' | 20,305,000 | 19,973,000 | ' | ' | ' | ' | ' | ' | 9,326,000 | 8,361,000 | ' | 26,465,000 | 25,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Operating | ' | 14,297,000 | 12,886,000 | ' | ' | ' | ' | ' | 41,159,000 | 39,054,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -604,000 | -576,000 | ' | ' | ' | ' | -1,549,000 | -1,839,000 | ' | ' | ' | ' | ' | ' | 15,103,000 | 13,031,000 | ' | ' | ' | ' | 43,189,000 | 39,515,000 | ' | ' | ' | ' | ' | ' | -202,000 | 431,000 | ' | ' | ' | ' | -481,000 | 1,378,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Operating Income | ' | 10,661,000 | 8,148,000 | ' | ' | ' | ' | ' | 29,184,000 | 20,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,735,000 | -12,600,000 | ' | ' | ' | ' | -42,513,000 | -26,411,000 | ' | ' | ' | ' | ' | ' | 14,733,000 | 11,117,000 | ' | ' | ' | ' | 38,356,000 | 20,884,000 | ' | ' | ' | ' | ' | ' | 11,663,000 | 9,631,000 | ' | ' | ' | ' | 33,341,000 | 25,719,000 | ' | ' | ' | ' | ' | ' | 1,227,000 | 1,019,000 | ' | 7,535,000 | 3,835,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 191,602,000 | 142,712,000 | ' | ' | ' | ' | ' | 518,927,000 | 373,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,679,000 | -17,169,000 | ' | ' | ' | ' | -56,975,000 | -36,872,000 | ' | ' | ' | ' | ' | ' | 65,512,000 | 47,107,000 | ' | ' | ' | ' | 176,998,000 | 118,316,000 | ' | ' | ' | ' | ' | ' | 146,769,000 | 112,774,000 | ' | ' | ' | ' | 398,904,000 | 291,662,000 | ' | ' | ' | ' | ' | ' | 44,163,000 | 39,379,000 | ' | 130,304,000 | 114,931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Share Costs | ' | 18,605,000 | 16,778,000 | ' | ' | ' | ' | ' | 45,451,000 | 17,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 1,862,000 | 1,638,000 | ' | ' | ' | ' | 6,561,000 | 3,828,000 | ' | ' | ' | ' | ' | ' | 16,743,000 | 15,140,000 | ' | ' | ' | ' | 38,890,000 | 13,347,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing and Advertising Expense | ' | 70,714,000 | 49,554,000 | ' | ' | ' | ' | ' | 181,668,000 | 124,591,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -841,000 | -572,000 | ' | ' | ' | ' | -2,462,000 | -988,000 | ' | ' | ' | ' | ' | ' | 15,085,000 | 8,021,000 | ' | ' | ' | ' | 37,721,000 | 18,128,000 | ' | ' | ' | ' | ' | ' | 56,470,000 | 42,105,000 | ' | ' | ' | ' | 146,409,000 | 107,451,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation Interest Carrying Cost Net | ' | 10,154,000 | 8,226,000 | ' | ' | ' | ' | ' | 29,141,000 | 26,674,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,023,000 | -790,000 | ' | ' | ' | ' | -3,106,000 | -1,909,000 | ' | ' | ' | ' | ' | ' | 6,187,000 | 4,167,000 | ' | ' | ' | ' | 18,166,000 | 13,581,000 | ' | ' | ' | ' | ' | ' | 4,990,000 | 4,849,000 | ' | ' | ' | ' | 14,081,000 | 15,002,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and member services costs and expenses | ' | 9,408,000 | 8,862,000 | ' | ' | ' | ' | ' | 27,952,000 | 25,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,481,000 | -3,407,000 | ' | ' | ' | ' | -10,403,000 | -6,746,000 | ' | ' | ' | ' | ' | ' | 4,259,000 | 3,826,000 | ' | ' | ' | ' | 12,145,000 | 10,118,000 | ' | ' | ' | ' | ' | ' | 8,630,000 | 8,443,000 | ' | ' | ' | ' | 26,210,000 | 22,225,000 | ' | ' | ' | ' | ' | ' | 9,408,000 | 8,862,000 | ' | 27,952,000 | 25,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Resort Operations Costs and Expenses | ' | 9,602,000 | 7,314,000 | ' | ' | ' | ' | ' | 26,169,000 | 22,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 1,909,000 | 1,297,000 | ' | ' | ' | ' | 5,380,000 | 4,513,000 | ' | ' | ' | ' | ' | ' | 7,693,000 | 6,017,000 | ' | ' | ' | ' | 20,789,000 | 18,107,000 | ' | ' | ' | ' | ' | ' | 9,602,000 | 7,314,000 | ' | 26,169,000 | 22,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Portfolio Expense | ' | 2,296,000 | 2,446,000 | ' | ' | ' | ' | ' | 7,555,000 | 7,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,575,000 | -2,607,000 | ' | ' | ' | ' | -7,587,000 | -6,487,000 | ' | ' | ' | ' | ' | ' | 2,918,000 | 3,019,000 | ' | ' | ' | ' | 8,507,000 | 7,424,000 | ' | ' | ' | ' | ' | ' | 1,953,000 | 2,034,000 | ' | ' | ' | ' | 6,635,000 | 6,243,000 | ' | ' | ' | ' | ' | ' | 278,000 | 189,000 | ' | 782,000 | 631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Cost and Expense, Operating | ' | 3,912,000 | 2,454,000 | ' | ' | ' | ' | ' | 6,518,000 | 5,419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,053,000 | -2,042,000 | ' | ' | ' | ' | -10,076,000 | -5,309,000 | ' | ' | ' | ' | ' | ' | 4,238,000 | 1,684,000 | ' | ' | ' | ' | 9,640,000 | 3,681,000 | ' | ' | ' | ' | ' | ' | 3,727,000 | 2,812,000 | ' | ' | ' | ' | 6,954,000 | 7,047,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expense | ' | 61,114,000 | 27,976,000 | ' | ' | ' | ' | ' | 105,612,000 | 70,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000 | -1,000 | ' | ' | ' | ' | -2,000 | -3,000 | ' | ' | ' | ' | ' | ' | 5,978,000 | 13,810,000 | ' | ' | ' | ' | 19,481,000 | 29,133,000 | ' | ' | ' | ' | ' | ' | 55,138,000 | 14,167,000 | ' | ' | ' | ' | 86,133,000 | 41,807,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | 7,583,000 | 5,205,000 | ' | ' | ' | ' | ' | 19,912,000 | 13,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 4,565,000 | 3,257,000 | ' | ' | ' | ' | 12,247,000 | 7,847,000 | ' | ' | ' | ' | ' | ' | 3,018,000 | 1,948,000 | ' | ' | ' | ' | 7,665,000 | 5,532,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' | 38,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | ' | 7,583,000 | 5,205,000 | ' | ' | ' | ' | ' | 19,912,000 | 13,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | 20,925,000 | 24,808,000 | ' | ' | ' | ' | ' | 70,561,000 | 69,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -604,000 | -576,000 | ' | ' | ' | ' | -1,549,000 | -1,839,000 | ' | ' | ' | ' | ' | ' | 12,741,000 | 14,066,000 | ' | ' | ' | ' | 38,060,000 | 37,825,000 | ' | ' | ' | ' | ' | ' | 8,788,000 | 11,318,000 | ' | ' | ' | ' | 34,050,000 | 33,972,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | 1,200,000 | 401,000 | 401,000 | ' | ' | ' | ' | 1,279,000 | 390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 1,200,000 | 218,000 | ' | ' | ' | ' | 1,279,000 | 189,000 | ' | ' | ' | ' | ' | ' | 0 | 183,000 | ' | ' | ' | ' | 0 | 201,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | 13,383,000 | 0 | ' | 13,383,000 | ' | ' | ' | 13,383,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 4,940,000 | ' | ' | 4,940,000 | ' | ' | 4,940,000 | ' | ' | ' | ' | ' | ' | ' | 8,443,000 | ' | ' | 8,443,000 | ' | ' | 8,443,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | ' | -585,000 | -122,000 | ' | ' | ' | ' | ' | -673,000 | -218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | -546,000 | -120,000 | ' | ' | ' | ' | -855,000 | -220,000 | ' | ' | ' | ' | ' | ' | -39,000 | -2,000 | ' | ' | ' | ' | 182,000 | 2,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | -2,756,000 | 115,000 | ' | 2,756,000 | ' | ' | ' | -2,726,000 | -22,634,000 | ' | ' | ' | ' | ' | -22,765,000 | ' | 0 | -2,756,000 | -2,800,000 | -2,756,000 | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | ' | -2,756,000 | 115,000 | ' | ' | ' | ' | -2,726,000 | -22,634,000 | ' | ' | ' | ' | 2,756,000 | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Purchase of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51,635,000 | ' | ' | ' | ' | ' | 51,635,000 | -73,307,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Assumed | ' | ' | ' | ' | -1,622,000 | ' | ' | ' | 155,000 | 1,748,000 | ' | ' | ' | ' | 19,205,000 | 1,748,000 | 19,205,000 | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 1,748,000 | ' | ' | ' | 0 | -1,622,000 | 155,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 19,205,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | 225,555,000 | 154,017,000 | ' | ' | ' | ' | ' | 531,802,000 | 361,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,579,000 | -9,995,000 | ' | ' | ' | ' | -35,185,000 | -23,281,000 | ' | ' | ' | ' | ' | ' | 62,580,000 | 54,998,000 | ' | ' | ' | ' | 170,546,000 | 113,413,000 | ' | ' | ' | ' | ' | ' | 175,554,000 | 109,014,000 | ' | ' | ' | ' | 396,441,000 | 270,936,000 | ' | ' | ' | ' | ' | ' | 19,288,000 | 16,365,000 | ' | 54,903,000 | 48,848,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | -33,953,000 | -11,305,000 | ' | ' | ' | ' | ' | -12,875,000 | 12,038,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,100,000 | -7,174,000 | ' | ' | ' | ' | -21,790,000 | -13,591,000 | ' | ' | ' | ' | ' | ' | 2,932,000 | -7,891,000 | ' | ' | ' | ' | 6,452,000 | 4,903,000 | ' | ' | ' | ' | ' | ' | -28,785,000 | 3,760,000 | ' | ' | ' | ' | 2,463,000 | 20,726,000 | ' | ' | ' | ' | ' | ' | 24,875,000 | 23,014,000 | ' | 75,401,000 | 66,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | -7,626,000 | 340,000 | ' | ' | ' | ' | ' | -6,777,000 | -13,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 353,000 | 156,000 | ' | ' | ' | ' | 1,151,000 | -12,473,000 | ' | ' | ' | ' | ' | ' | -7,979,000 | 184,000 | ' | ' | ' | ' | -7,928,000 | -880,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs and Discounts | ' | ' | ' | ' | ' | ' | ' | ' | 5,607,000 | 4,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,541,000 | 2,965,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,066,000 | 1,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Loan Origination Costs and Discounts | ' | ' | ' | ' | ' | ' | ' | ' | 4,308,000 | 1,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 493,000 | -706,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,815,000 | 2,282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ' | ' | ' | ' | ' | 215,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Loss on Mortgage Repurchase | ' | ' | ' | ' | ' | ' | ' | ' | -71,000 | -26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -78,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | -26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 657,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 657,000 | ' | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | ' | ' | ' | ' | ' | ' | 774,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 774,000 |
Increase Decrease in Mortgages and Contracts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | -84,469,000 | -31,027,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,000 | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76,317,000 | -28,405,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,148,000 | -2,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Other Receivables | ' | ' | ' | ' | ' | ' | ' | ' | 18,806,000 | 13,380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,851,000 | 3,639,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,955,000 | 10,151,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Prepaid Expense | ' | ' | ' | ' | ' | ' | ' | ' | -28,313,000 | -18,672,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,000 | -127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,594,000 | -4,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,593,000 | -14,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 7,370,000 | -34,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,757,000 | 12,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,457,000 | -20,804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,930,000 | -26,207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | ' | ' | ' | ' | ' | -2,417,000 | 2,312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,704,000 | -560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,121,000 | 2,872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -13,080,000 | 12,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,000 | 907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,220,000 | 12,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,431,000 | -1,087,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Income Taxes Payable | ' | ' | ' | ' | ' | ' | ' | ' | 1,294,000 | -2,046,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,196,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,830,000 | -773,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 928,000 | -1,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -7,115,000 | -8,862,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,752,000 | -2,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,867,000 | -6,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -5,777,000 | 25,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,103,000 | 5,676,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -123,880,000 | 19,663,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | -12,792,000 | -11,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -981,000 | 505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,811,000 | 10,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | -47,758,000 | ' | ' | ' | ' | ' | 0 | 51,635,000 | ' | ' | ' | ' | -47,758,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,635,000 | ' | ' | -47,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,126,000 | 497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,903,000 | 495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -56,699,000 | -62,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,836,000 | -51,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,863,000 | -10,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of securitization notes and Funding Facilities | ' | ' | ' | ' | ' | ' | ' | ' | 265,873,000 | 82,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,873,000 | 82,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on Securitization Notes and Conduit Facility | ' | ' | ' | ' | ' | ' | ' | ' | -201,584,000 | -82,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -199,911,000 | -82,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,673,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | -50,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | -131,832,000 | -23,345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -123,428,000 | -15,930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,404,000 | -7,415,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | -6,163,000 | -2,594,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,140,000 | -2,595,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,023,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,400,000 | -11,600,000 | -13,200,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 210,200,000 | ' | ' | ' | ' | ' | ' | ' | 204,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | ' | -10,346,000 | ' | ' | ' | ' | ' | ' | -10,346,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | 62,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 71,305,000 | 35,104,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -68,576,000 | 45,414,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,881,000 | -10,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | 8,829,000 | -1,968,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,691,000 | -555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,138,000 | -1,413,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | 318,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | 318,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | 74,427,000 | 72,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,658,000 | 20,971,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,769,000 | 51,128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Paid | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 2,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 828,000 | 1,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -816,000 | 393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Premiums Financed Through Issuance of Note Payable | ' | ' | ' | ' | ' | ' | ' | ' | 7,822,000 | 7,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,822,000 | 7,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held for Sale Reclassified to Unsold Vacation Interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsold Vacation Interests, net, reclassified to other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | 36,458,000 | ' | ' | ' | ' | ' | ' | 36,458,000 | ' | ' | 22,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -317,517,000 | ' | ' | ' | ' | ' | -317,517,000 | ' | -133,223,000 | ' | ' | ' | ' | ' | 39,392,000 | ' | ' | ' | ' | ' | 39,392,000 | ' | 27,083,000 | ' | ' | ' | ' | ' | 314,583,000 | ' | ' | ' | ' | ' | 314,583,000 | ' | 129,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Receivables, Net, Current | ' | 32,977,000 | ' | ' | ' | ' | ' | ' | 32,977,000 | ' | ' | 46,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 12,078,000 | ' | ' | ' | ' | ' | 12,078,000 | ' | 15,665,000 | ' | ' | ' | ' | ' | 20,899,000 | ' | ' | ' | ' | ' | 20,899,000 | ' | 30,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | ' | 79,279,000 | ' | ' | ' | ' | ' | ' | 79,279,000 | ' | ' | 64,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -335,549,000 | ' | ' | ' | ' | ' | -335,549,000 | ' | -150,495,000 | ' | ' | ' | ' | ' | 350,126,000 | ' | ' | ' | ' | ' | 350,126,000 | ' | 155,203,000 | ' | ' | ' | ' | ' | 64,702,000 | ' | ' | ' | ' | ' | 64,702,000 | ' | 59,496,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Business Interruption Insurance Recovery | ' | ' | ' | ' | ' | ' | ' | ' | -2,876,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' |
Unsold vacation interests reclassified to assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | 10,165,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 7,988,000 | ' | ' | ' | ' | ' | 7,988,000 | ' | -8,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,988,000 | ' | -10,600,000 | ' | ' | ' | ' | ' |
SecuritizationNotesAndConduitFacilityDiscount | ' | -596,000 | ' | ' | ' | ' | ' | ' | -596,000 | ' | ' | -753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 596,000 | ' | ' | ' | ' | ' | 596,000 | ' | -753,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | 3,882,000 | 65,262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,882,000 | 64,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | -26,327,000 | -11,645,000 | ' | ' | ' | ' | ' | -6,098,000 | 25,391,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,100,000 | -7,174,000 | ' | ' | ' | ' | -21,790,000 | -13,591,000 | ' | ' | ' | ' | ' | ' | 2,579,000 | -8,047,000 | ' | ' | ' | ' | 5,301,000 | 17,376,000 | ' | ' | ' | ' | ' | ' | -20,806,000 | 3,576,000 | ' | ' | ' | ' | 10,391,000 | 21,606,000 | ' | ' | ' | ' | ' | ' | 24,875,000 | 23,014,000 | ' | 75,401,000 | 66,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
assets held for sale reclassified to management contracts | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic_Financial_Informati2
Geographic Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revenues | $191,602 | $142,712 | $518,927 | $373,106 | ' | ' | ' |
Mortgages and contracts receivable, net | 377,513 | ' | 377,513 | ' | ' | 312,932 | ' |
Inventory, Net | 301,709 | 330,088 | 301,709 | 330,088 | 307,613 | 315,867 | 330,088 |
Property, Plant and Equipment, Net | 61,218 | ' | 61,218 | ' | ' | 55,120 | ' |
Intangible Assets, Net (Excluding Goodwill) | 231,125 | ' | 231,125 | ' | ' | 112,498 | ' |
Assets, Noncurrent | 971,565 | ' | 971,565 | ' | ' | 796,417 | ' |
North America | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revenues | 168,172 | 131,358 | 459,457 | 341,003 | ' | ' | ' |
Mortgages and contracts receivable, net | 374,142 | ' | 374,142 | ' | ' | 310,955 | ' |
Inventory, Net | 258,824 | ' | 258,824 | ' | ' | 275,352 | ' |
Property, Plant and Equipment, Net | 56,803 | ' | 56,803 | ' | ' | 50,643 | ' |
Intangible Assets, Net (Excluding Goodwill) | 223,852 | ' | 223,852 | ' | ' | 103,141 | ' |
Assets, Noncurrent | 913,621 | ' | 913,621 | ' | ' | 740,091 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revenues | 23,430 | 11,354 | 59,470 | 32,103 | ' | ' | ' |
Mortgages and contracts receivable, net | 3,371 | ' | 3,371 | ' | ' | 1,977 | ' |
Inventory, Net | 42,885 | ' | 42,885 | ' | ' | 40,515 | ' |
Property, Plant and Equipment, Net | 4,415 | ' | 4,415 | ' | ' | 4,477 | ' |
Intangible Assets, Net (Excluding Goodwill) | 7,273 | ' | 7,273 | ' | ' | 9,357 | ' |
Assets, Noncurrent | $57,944 | ' | $57,944 | ' | ' | $56,326 | ' |
Subsequent_events
Subsequent events (USD $) | Dec. 31, 2012 | Oct. 21, 2013 | Oct. 21, 2013 | Sep. 30, 2013 | Oct. 28, 2013 |
2009 DROT Class A [Member] | 2009 DROT Class B [Member] | Revolving Credit Facility [Member] | Island One Receivables Loan [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Secured Debt | $134,668,000 | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | ' | 24,400,000 | 1,800,000 | ' | ' |
Repayments of Debt | ' | ' | ' | ($15,000,000) | $4,100,000 |